Executive Summary
USDC ended the week $296.67M lighter at $74.44B, then took $216.99M back in 24 hours. USDS added $273.73M in a single day. Total supply barely moved at $319.66B.
USDC ended the week $296.67M smaller at $74.44B, the largest seven-day supply move on the tape, and $216.99M of new supply arrived in the last 24 hours. The week's contraction therefore sits entirely in the sessions before yesterday. Against USDC's largest single-week change of $6.55B, set 1,275 days ago, this week's $297M is a rounding line.
USDS moved the other way, adding $273.73M in one day against $65.56M over seven, which means the preceding sessions were net negative for it as well. Both coins sit in the A tier that holds 81.0% of $333.2B in mapped supply, so the money rotated between graded issuers rather than out of them. Total market cap held at $319.66B, up $202.52M on the week.
The flow tape is less settled than the aggregate. The Bank Run Gauge weakened from -5.9 to -22.8 and reads CAUTIOUS, with Ethereum at -$24.58M net over 24 hours and RLUSD shedding $4.00M. DEWS holds six coins at ALERT or above, ALUSD the newest at a score of 38 on cross-source divergence. PSI at 92.3 extends an 81-day BEDROCK streak.
pmUSD remains the largest live peg break by impact, narrower at 4,512 bps below peg and $0.549 on $51.55M of market cap, while Alpha Partner's USDA widened to 800 bps. If USDS adds at least $345M again in the next session, yesterday's inflow reads as rotation rather than drift.