Executive Summary
USDC burned $455.28M in a day, 44% of a $1.04B weekly contraction, while total stablecoin supply is still up $366.60M on the week. A $570M single-day USDC print is the next line.
USDC's outstanding supply fell $455.28M in the past 24 hours, about 44% of the $1.04B it has shed over seven days on the supply-velocity series. Measured by market cap, USDC is the week's largest mover at -$809.11M. That leaves it at $73.22B, 8% below its April 11 peak of $79.75B. The ledger records burns; it does not identify who redeemed or why.
Other dollar tokens contracted alongside it. USD1 lost $84.43M in a day and holds a DEWS ALERT score of 37, with its mint/burn flow component at 100. USDe burned a net $53.89M, and USDS swung from a $192.22M weekly gain to an $83.34M daily decline. Ethereum logged $285.18M of net burns. The Bank Run Gauge reads -19.4, CAUTIOUS, with no flight-to-quality flag.
Aggregate supply has not followed. Total stablecoin market cap is $322.74B, up $366.60M on the week and 0.48% below the Digest-window high set two days ago, while PYUSD and XAUT added $43.12M and $36.57M in a day. PSI stands at 88.6, its lowest in 225 days of Digest tracking, though measured depeg severity is only 0.03.
USDA (Avalon) remains an ongoing critical depeg, carried at its stored 3,098 bps reading with no live price, on $145.56M of supply. The next USDC test is a single-day contraction of $570M or more, which would turn a week of drift into an active rotation. USD1's equivalent line is $110M.