Executive Summary
USDC hit its all-time high at $78.88B while LUSD and USDA both escalated to ALERT. PSI reads 92.8, BEDROCK, but record supply and rising stress signals make for an uneasy calm.
PSI reads 92.8, BEDROCK for a fourth straight day, but the tension hides in the plumbing. USDC just printed a $1.68B weekly supply gain to hit $78.88B, a fresh all-time high. That kind of ceiling-test usually invites a reaction; USDT, meanwhile, reversed from a $49.86M weekly bleed to a $22.06M single-day inflow, as if capital remembered it had two legs.
LUSD escalated to ALERT at score 41, sitting 166 bps off-peg on $31M. Its peg subscore of 72 makes it the weakest B+ in the book, a grade held together by reputation rather than price action. USDA also climbed to ALERT at 38, with $270.84M in market cap giving that signal more gravitational pull than LUSD's.
The Bank Run Gauge holds at 3.5, neutral, while OUSG and RLUSD posted net redemptions of $25.77M and $15.94M respectively. Nothing is breaking. But a record USDC supply, two fresh ALERTs, and quiet institutional outflows make for the kind of stillness that precedes either vindication or regret.