Executive Summary
BlackRock's tokenized fund shed $421.81M over seven days to $2.31B while total stablecoin cap rose $326.81M. USDC added $315.49M in a day. Next threshold: $470M of weekly BUIDL outflow.
BlackRock's BUIDL lost $421.81M of supply over seven days, closing at $2.31B, the largest weekly contraction on the tape. Total stablecoin market cap rose $326.81M over the same week to $318.86B, 0.27% under the Digest-window high of $319.71B set 13 days ago. One tokenized treasury product absorbed a redemption the aggregate never registered; BUIDL now sits 37% below its July peak of $3.69B.
The offsetting flow came from USDC, which added $315.49M in a day against a seven-day change of -$25.59M, a reversal. PYUSD added $27.43M and DAI $17.13M, and Ethereum booked +$233.88M in net mint and burn. Against that, USDG ran -$36.09M with a pressure reading of -100 versus its 30-day baseline, and the Bank Run Gauge moved from +6.0 to -11.4 [CAUTIOUS].
pmUSD widened 45 bps to 5,094 bps below peg at $0.491 on $46.12M, day 140, still graded F on an unsupported redemption route. apxUSD improved to 210 bps at $0.979, off the $0.89 low it reached during the June STRC drawdown. PSI registered 92.9 against 92.8 yesterday, an 88th consecutive BEDROCK day, with DEWS holding 5 ALERT names and the WATCH band widening from 97 coins to 104. Another $48M of weekly BUIDL outflow clears $470M and makes this follow-through rather than a single redemption week; a $395M one-day USDC print would reclassify yesterday's bounce as rotation.