Executive Summary
USD1 net burned $14.39M at a -100 pressure reading while USDat minted a net $4.45M at +100. The Bank Run Gauge sits at -8; a print of -15 or lower would move flow stress to the front.
USD1 net burned $14.39M in the 24 hours to 08:05 UTC, a mint/burn pressure reading of -100 against its 30-day baseline. fxUSD printed the same -100 on $3.18M of net burns. USDat moved the opposite way, reading +100 on $4.45M of net mints. These readings measure each token's issuance pace against its own history; they do not establish holder withdrawals or any loss of backing.
The aggregate flow tape was calmer than those three readings. The Bank Run Gauge rose to -8, NEUTRAL, from -16.6, though its valuation runs on partial data. Ethereum logged +$19.24M of net flow across tracked coins, against -$3.59M on Arbitrum. USDT's seven-day supply decline narrowed to $674.58M from the $824.16M reported in the last edition, short of the $910M follow-through mark; outstanding supply is $183.35B.
apxUSD traded at $0.986, 137 bps below peg, up from 72 bps a day earlier and past the 100 bps level the last edition flagged. DEWS moved the $305.46M token from CALM to WATCH on cross-source divergence. Avalon's USDA keeps its stored 3,098 bps reading, unchanged, because no live price is available. A Bank Run Gauge print of -15 or lower would put flow stress at the front of the next edition.