Executive Summary
USDT accounts for about 56% of a $5.04B weekly decline across baseline-covered coins. USDf, the top PSI severity contributor, lost 13 points of DEX liquidity score as pool TVL rose. Next trigger: a $3B USDT week.
USDT's outstanding supply is $2.80B lower over seven days at $176.75B, the largest weekly decrease on the tracked list. That equals about 56% of the $5.04B seven-day decline measured across the 231 of 263 core coins with a baseline. Yesterday's edition put the weekly drop at $3.09B on $176.77B of supply, so the figure shrank by $290M while supply fell only $20M. The count does not establish a cause.
USDC, USDG and PYUSD shrank $979.23M, $144.46M and $100.32M on the week, all decelerating; USDC's $41.29M daily fall is under a third of its seven-day pace. USD1 net burned $49.16M over 24 hours, a pressure score of -100 against its 30-day baseline. The Bank Run Gauge read -3.6, NEUTRAL, from -0.1, missing yesterday's -10 mark; USD1 carries 1.6% of its scored weight, and no per-coin contribution is supplied.
Falcon's USDf, 55 bps below peg on $1.82B and 196 hours into the event, remains the largest PSI severity contributor, at an impact of 100.2. Its DEX liquidity score fell to 49 from 62 while pool TVL rose 4.1% to $27.44M. Its best APY, 3.46%, trails its 7-day and 30-day averages of 3.95% and 4.16%, with a TVL-outflow flag on the yield feed. PSI reads 87.7 from 87.9, a tenth STEADY day.
DEWS counts nine coins at ALERT or worse against seven yesterday, on $253.25M of supply, though CALM gained four and WATCH lost six across 36 band changes; BUIDL moved from WATCH to CALM on price confidence. pmUSD trades at $0.570, 4,297 bps below peg on $50.78M, with no material change. A seven-day USDT decline of $3B, about $200M beyond today's figure, would give the contraction follow-through.