Executive Summary
Tether added $208.10M in 24 hours while USDC gave back $694.86M of its $1.45B week. PAXG lost its A grade across $1.86B of supply. Next test: a second $265M USDT day.
Tether added $208.10M in 24 hours, two thirds of its $307.57M weekly gain, while USDC shed $694.86M in a day against a $1.45B weekly build. Between them the two largest issuers ran a combined outflow of roughly $487M, yet total supply holds at $320.27B, 0.06% under the Digest-window high of $320.46B set two days ago. Ethereum accounted for +$323.51M of net 24h flow.
Grade movers. PAXG fell from A (83) to B- (69) across $1.86B of supply, flagged for correlated exit routes and a partial reserve review. It scored 84.2 on backing and 82.15 on exit and still landed at 69, because the limited-evidence ceiling binds before the components do. KAG rose from F (18) to D (46) on $237.86M, and gtUSDC and gtUSDCp both reached A- (80), each held there by a parent cap.
Six coins sit at ALERT or above in DEWS after five band changes, with BD moving from WATCH to ALERT at score 40 on price confidence. pmUSD narrowed to 5,571 bps below peg at $0.443 and still scores ALERT 43. USDA remains 3,098 bps below peg on $145.58M with no material change since the previous edition. PSI reads 94 on day 90 of BEDROCK. A second USDT session above $265M of net supply would make this two-issuer split a rotation rather than a one-day divergence.