Executive Summary
DEWS ALERT count jumped from 0 to 8 overnight while PSI dipped to 95.2. USTT added $1.78B in a day. Capital is flooding in, and the plumbing is creaking.
PSI slipped to 95.2 from yesterday's 96.1, its lowest print since March 16, though the 8-day BEDROCK streak technically holds. The number itself is less interesting than what's happening beneath it: DEWS ALERT bands jumped from zero coins to 8 in a single session, with 41 more sitting at WATCH. That is the sharpest overnight deterioration in the early warning system this cycle, and it landed while the headline index barely flinched.
Stress Map. Five coins promoted to ALERT in 24 hours tell a specific story. TUSD at $316M carries the largest capitalization of the group, with supply velocity at 83 and liquidity erosion at 48 driving its score to 43. PUSD ($120M) and KAG ($290M) followed on cross-source divergence and price confidence flags respectively. SUSD, already a PSI severity contributor at 1720 bps off-peg on $43M, hit ALERT with a perfect 100 on cross-source divergence. The stress is not concentrated in one protocol or one chain; it is scattered, which makes it harder to dismiss.
Capital Signals. USDT added $1.78B in a single day against $1.71B for the full prior week, an acceleration that pushes its market cap to $185.80B, within 1% of December's $187.31B all-time high. The Bank Run Gauge sits at negative 10.5, technically CAUTIOUS, but EURC and FDUSD both registered maximum 100 pressure scores on net inflows of $6M and $3.3M. Capital is arriving, yet the plumbing underneath is creaking. When supply expansion and stress signals rise in tandem, one of them is lying.