Executive Summary
FDUSD net burned $9.98M at a -100 pressure reading while the Bank Run Gauge improved to -11 from -14.9. Next trigger: a $35M XAUT supply session after today's +$27.92M.
FDUSD net burned $9.98M in the 24 hours to 08:05 UTC, a mint/burn pressure reading of -100 against its 30-day baseline and the largest dollar amount among the three top pressure shifts. fxUSD matched the -100 on $2.22M of net burns, while stcUSD read +100 on $2.35M of net mints. The burns record faster token contraction; by themselves they do not show redemptions or weaker backing.
The aggregate reading moved the other way. The Bank Run Gauge improved to -11 from -14.9, still CAUTIOUS and valued on partial data, so yesterday's -15 mark went unmet; flight-to-quality is inactive. Ethereum logged -$80.05M of net flow across tracked coins. USDT's $644.02M seven-day supply decline, the largest among tracked stablecoins this week, was little changed and short of the $910M follow-through level, with $183.46B outstanding.
USDA (alpha partner) widened to 573 bps below peg at $0.942 from 169 bps on $82.07M of market cap, the only depeg the change log marks as worse. pmUSD holds 3,170 bps below peg at $0.683, with no material change. XAUT supply rose $27.92M over the latest day, more than triple its $8.42M weekly gain; a $35M one-day move would turn that drift into rotation.