Executive Summary
USDS lost $304.11M in a day against a 7-day net of -$226.02M, so the prior six sessions had added roughly $78M. Best APY has slipped to 5.31% from a 30-day average of 5.64%. Next test: a $385M single-day move.
USDS supply fell $304.11M over the past day, against a net seven-day decline of $226.02M. The arithmetic puts the prior six sessions at roughly $78M of net accumulation, and all of it left in one session. Pharos classifies the velocity as accelerating. USDS holds an A- grade at 80 on a $6.61B market cap.
Best available USDS yield reads 5.31%, below a 7-day average of 5.41% and a 30-day average of 5.64%. The compression preceded the withdrawal, which is sequence rather than proven cause. USDC remains the largest weekly mover at -$335.00M, leaving $74.16B, about 7% below its April 11 high of $79.75B.
Flows ran the other way elsewhere. USDe drew $96.76M of net mints at a maximum pressure reading of 100, and Ethereum carried $122.87M of net inflow across issuers. Total stablecoin market cap held at $319.20B, down $37.37M on the week and 0.16% under the Digest-window high set five days ago. pmUSD stays critical at 5492 bps below peg, $0.451, on $42.32M of float.
DEWS counts 11 coins at ALERT or worse, one more than yesterday, though four of five band changes in 24 hours were improvements, including ALUSD from ALERT to WATCH. PSI at 91.4 is down 0.2 on the day and extends the BEDROCK run to 80 sessions. A single-day USDS move of $385M or more would turn this week's drift into documented rotation.