Executive Summary
USDC is $1.09B lighter over seven days and 11% below its April record. DEWS ALERT+ rose to nine coins. A Bank Run Gauge print of -10, from -4.6, would move the next lead from supply to flows.
USDC's supply fell $1.09B over seven days to $71.13B, 11% below its 11 April record of $79.75B. The move is about a sixth of the token's largest single-week change, $6.55B some 1,320 days ago. USDT's velocity series records a slightly larger $1.11B weekly decline, only $10.46M of it in the latest day. Two supply collectors are degraded, and neither count identifies who redeemed.
DEWS lists nine coins at ALERT or above against seven yesterday, with WARNING now empty. The nine carry $147.94M of supply, $131.98M of it in THUSD, which scores 38 led by price confidence. pmUSD trades at $0.650, a 3,503 bps discount against 3,637 in the previous edition. Avalon's USDA is still carried at a stored 3,098 bps peak on $145.56M, with no live price or change.
Ethereum logged +$420.48M of net mint/burn flow across tracked coins in the 24 hours to 06:00 UTC. PAXG net minted $8.17M, a pressure reading of 100 against its 30-day baseline. The Bank Run Gauge reads -4.6, NEUTRAL, against -1.6 at the 25 October print, on partial valuation data, with flight-to-quality inactive. If it falls 5.4 points to -10 or below, flows overtake supply as the next lead candidate.