Executive Summary
USDT's 4.9% APY on $183.51B led the week's risk board by roughly 37x, with four more yield flags behind it. PSI rose from 93 to 94.1 inside BEDROCK, while the Bank Run Gauge closed at -27.6, its low for the week.
USDT carried the week's largest single signal: a 4.9% APY reading on 24 September against a 7-day average of 4.78% and a 30-day average of 4.7%, tagged tvl-outflow on $183.51B of market cap. Its severity score of 183,531 ran roughly 37 times the next leaderboard item, USDe at 4,973. PSI opened the week at 93, its floor, and finished at 94.1 after touching 94.3, inside BEDROCK on all seven days and 1.2 points above the prior week's midpoint.
The thread across the week was yield anomalies logged without corroborating flow evidence. USDT drew warnings on the 22nd, 23rd and 24th, each tagged tvl-outflow, with the reading moving from 4.79% to 4.9%. USDe drew four, from 4.73% on the 26th to 4.84% on the 28th, each tagged opportunity-evidence-missing while its market cap grew from $4.91B to $4.95B.
Three of the week's yield flags pointed the other way. PYUSD printed 3.81% against a 30-day average of 6.15%, XAUT 1.3% against 1.96%, and USDTB 2.64% against 4.58% on $520.54M. Aggregate stress eased as well: 137 active depeg observations against 156 a week earlier, 8 unique signals in both weeks, and zero grade transitions for a second week. Every critical depeg was inherited, apxUSD at 3,159 bps on $310.81M, MSUSD at 5,561 bps and pmUSD at 5,442 bps, none new to this week.
USDC ran the supply story in both directions, adding $786.31M on the 22nd into a 7-day gain of $1.95B, then reversing $1.20B in one session on the 27th to leave +$968.07M over the trailing week. Market cap closed at $320.55B, up 0.05% across the seven sessions and 0.50% on the prior week. Blacklisting concentrated into fewer, larger actions: 134 events for $26.16M versus 160 events for $24.79M, the biggest a $3.14M USDT freeze on Tron. The Bank Run Gauge midpoint improved to 0.2 from -10.9, then the reading closed at -27.6, its low for the week.
Daily triggers resolved badly: 4 hit and 12 missed for a 25% hit share, with 4 pending and 1 where the evidence could not settle an outcome. The first test next week is whether the gauge reading climbs back above zero from -27.6 or extends lower; the second is whether USDC's 7-day net supply turns negative after the $1.20B single-day reversal.