Executive Summary
Breadth fell to 9 from 15.18 a week earlier, and the Bank Run Gauge reached -4.6 from -72 in two days. DEWS ALERT rose to seven coins. A $405M USDC day would turn the supply reversal into rotation.
Successive daily gains have carried the Pharos Stability Index from 84.3 on 1 November to 88 at the 07:57 UTC sample. That is a seventh STEADY day and its highest reading since 91.3 on 30 October. Breadth reads 9 of a possible 17, against 15.18 at the 85.2 print on 31 October. USDf, on $1.67B, carries the largest severity impact, 86.8, at 52 bps below peg in the index sample.
The Bank Run Gauge printed -4.6, NEUTRAL, over the 24 closed hours to 06:00 UTC, from -36 yesterday and -72 the day before. Valuation is partial and flight-to-quality is inactive. DEWS counts went the other way. ALERT rose to seven coins from four, with one at WARNING, holding $225.90M of supply after 38 band changes; CADm moved from WATCH to ALERT on price confidence.
USDC supply rose $321.76M in the latest day against a $327.65M seven-day decline, above the $265M mark set in yesterday's edition. The series counts tokens outstanding and does not identify a cause. USDT's $3.08B weekly decrease is the largest seven-day supply decline on today's tracked list, leaving $177.72B, 6% below its 26 April record of $189.76B.
Blacklist activity ran to 46 events and $16.49M in the rolling 24 hours, led by a $5.49M USDT destroy on Tron. pmUSD trades at $0.576, 4,237 bps under peg on $51.36M, with no material change. A USDC day of $405M or more, about $83M beyond this print, would make the reversal read as rotation.