Executive Summary
USDT supply rose $482.55M in seven days to $184.30B while USDC shed $141.55M in one. A USDC day of $180M or more would mark rotation rather than drift.
USDT added $482.55M of supply over seven days, the largest weekly move among tracked stablecoins, lifting it to $184.30B. The gain is modest against USDT's own history: it is under 6% of the $8.46B weekly record set 1,603 days ago, and the token still sits 3% below its $189.76B peak of April 26. The figure counts tokens outstanding; it does not identify who supplied the capital.
USDC moved the other way. Its supply fell $141.55M in one day, leaving its seven-day change at +$715.58K. PYUSD shed $18.99M in a day after a $166.78M weekly rise, while RLUSD added $31.80M. Aggregate capitalisation still reached $324.31B, above the $323.97B Digest-window high recorded a day earlier, so the 24-hour moves reshuffled issuer weights without shrinking the total.
DEWS lists 11 coins at ALERT or above. HBD is the only one in DANGER, at a score of 85 driven by cross-source divergence, on $33.65M of supply. USDA from Avalon remains marked 3098 bps below peg on its last stored reading, with no live price, on $145.56M. USD1 posted mint/burn intensity of 100 against its 30-day baseline on $9.50M net, and its supply rose $24.39M in a day.
The Bank Run Gauge rose to 18.9 from 13.1, inside its HEALTHY band, and PSI stayed in BEDROCK at 91.6 for a 90th day. The next test sits with USDC: a single-day move of $180M or more would turn this week's supply shuffle from drift into rotation between the two largest issuers.