Executive Summary
USDe's APY printed lower on all seven days, from 4.91% to 4.81%, as its market cap slid to $4.68B. PSI stayed in BEDROCK, rising to 92.8, while the Bank Run Gauge midpoint moved to -12.5 from -1.8.
USDe's yield warning topped the week's risk leaderboard at severity 4,806.8. Its APY printed lower on each of seven days, from 4.91% on October 13 to 4.81% on October 19, below the 4.93% 30-day average recorded on October 14. USDe's opportunity evidence was missing on every print. USDe market cap moved from $4.76B to $4.68B over the week, including a $39.44M net burn on October 16; the data record the supply change but not its cause. PSI stayed in the BEDROCK band all seven days, rising from 91.3 to 92.8, with a midpoint of 91.7 against 91.1 a week earlier.
Five other new yield warnings ran alongside USDe, and the safety desk recorded no grade movers. XAUT's 1% APY sat below its 1.66% 7-day average on a negative trend. USDf printed 4.91% on October 18 against a 4.24% 7-day average, also without opportunity evidence. USDY's 3.75% carried a safety-unrated tag, U's 1.85% a TVL-outflow flag and OUSD's 3.6% a reward-heavy flag.
The PSI gain ran opposite to the Bank Run Gauge, whose midpoint moved to -12.5 from -1.8 after a low of -24.9 on October 13. Blacklist events fell to 147 from 168 while the known USD subtotal rose to $73.39M from $53.21M, with 32 events unpriced. The largest single entry was $8.75M of USDT on Ethereum on October 14. A7A5 moved from CALM to WATCH in DEWS at $554.22M on cross-source divergence. apxUSD logged three CALM and WATCH transitions before posting a 252 bps discount on October 18.
Total market cap read $321.24B on incomplete supply coverage, and no prior-week figure is available. USDC was the largest weekly mover from October 13 to 15, narrowing from -$1.51B to -$1.03B. USDT took the position from October 16 and eased from -$824.16M to -$644.02M by October 19. Those figures measure token supply and do not establish holder redemptions.
Among standing conditions on October 13, USDA sat 3,098 bps below peg at $145.56M and pmUSD sat 3,543 bps below peg at $60.57M. A USDA reading of 573 bps at $82.07M on October 19 is not confirmed as the same token. The 157 depeg observations reduce to 23 unique signals. Daily triggers scored 4 hits and 14 misses, a 22% hit share, with 1 pending and 2 unavailable outcomes. Next week will decide whether USDe's APY prints below 4.81% for a seventh straight decline, and whether apxUSD returns to WATCH with a discount wider than 252 bps.