Executive Summary
PSI ticks to 96.1 in BEDROCK, where severity sits at 0.03 and the loudest depeg is EURS at 919 bps on $8.59M — numbers that imply crisis and deliver almost none.
USDC added $1.54B this week to reach $75.33B, which is the entire net gain of a $316.71B market accounted for by a single issuer. LUSD sits 197 bps off-peg on $31.30M, the only event with enough mass to qualify as mildly interesting, and even that is more of a structural habit than a developing story. When the most dramatic number in the room is a breadth score of 4.35 and the trend is moving the wrong direction by half a point, you are either witnessing extraordinary stability or extraordinary boredom, and at 96.1 the distinction barely matters.