Executive Summary
USDe retired $36.75M net in 24 hours and the Bank Run Gauge fell to -23.6. apxUSD sits 108 bps below peg; 150 bps is the level that would make it a stronger peg-stress signal.
USDe recorded $36.75M of net burns in the 24 hours to 08:05 UTC, a pressure reading of -100 against its 30-day baseline. RLUSD added $9.93M of net burns at the same reading. The Bank Run Gauge fell from -15.8 to -23.6, short of the -35 level set in the last edition, with no flight-to-quality flag. Ethereum accounted for $164.75M of net burns; the flow data counts tokens retired and does not identify who redeemed.
USDC's market cap is down $1.26B over seven days to $74.17B, 7% below its April high, and the one-day decline slowed to $74.19M. Total stablecoin capitalisation still rose $185.17M on the week to $320.93B, 0.20% below the Digest-window high set four days ago, with XAUT adding $721.98M. Avalon's USDA is still carried at 3,098 bps below peg, a stored figure with no live price.
DEWS counted 11 coins at ALERT or above, up from 6 a day earlier. Blacklists covered $24.77M across 95 events, the largest a $6.03M USDT freeze on Tron. PSI eased to 93.1 from 93.6, its lowest reading since 23 September and still BEDROCK. apxUSD, a $313.75M coin graded F, moved to WATCH at 108 bps below peg. A move to 150 bps would make it the stronger peg-stress signal for the next edition.