Executive Summary
USDS carried a 5.33% APY warning against a 5.67% 30-day average for a third straight week. PSI closed at 92 in BEDROCK, and blacklist events jumped to 650 from 55, affecting $38.03M.
The largest unsuppressed risk item of the week was a yield reading rather than a price break. USDS carried a warning at 5.33% APY on 10 September against a 30-day average of 5.67%, scoring severity 6711.7 on $6.69B of supply, with the opportunity-evidence-missing flag attached for a third consecutive week. PSI opened at 91.2 on 8 September, peaked at 92.6 and closed at 92, never leaving BEDROCK, and the weekly midpoint of 91.8 sat 0.1 above the prior week.
USDC set the week's rhythm as the largest single supply mover on six of seven days. Issuance ran first, +$781.92M on 8 September, +$700.15M on the 9th and +$446.58M on the 10th, before the direction flipped to -$335.00M on the 11th, -$315.77M on the 13th and a -$370.16M seven-day reading on the 14th. USDS absorbed part of that, adding $39.73M on the final day after an accelerating -$304.11M print on 11 September.
Depeg pressure eased while enforcement did the opposite. Active depeg observations fell to 133 from 153 and unique signals to 8 from 10, with grade transitions at zero for a second week. Blacklist events rose to 650 from 55, affecting $38.03M against $27.80M, concentrated on 12 September when USDT on Ethereum recorded $11.83M and $7.51M actions. The Bank Run Gauge bottomed at -22.8 the same day and its midpoint fell to -9.0 from -0.5; the gauge tracks redemption pressure rather than enforcement, so read the overlap as timing rather than causation.
Capital barely moved in aggregate: market cap ran $319.33B to $319.42B, up 0.03% across the week and down 0.06% against the prior week's $319.63B. PYUSD burned $55.99M on 9 September while USDe minted $58.66M the same day. The two critical depegs, USDA at 3098 bps with impact 601 and pmUSD at 5492 bps on $42.32M, are both carryovers from before the week. A7A5 changed DEWS state five times between $467.33M and $456.45M on four different drivers, a 2% supply drift generating five classifications.
Daily triggers resolved 4 hit, 11 missed, 2 expired and 4 pending, a weak conversion rate that mostly reflects calls on depeg resolution that never came. Next week decides whether the USDS 7-day average of 5.44% keeps converging down toward the 5.33% spot reading, and whether blacklist volume returns below 100 events.