Executive Summary
USDD TVL leapt from $429K to $7.53M overnight, score 29 to 58. Depth like that does not appear without an incentive program; the 4.05% reward-heavy APY names the landlord.
USDD's DEX liquidity score doubled from 29 to 58 in one day, TVL leaping from $429K to $7.53M against a $1.45B market cap. That kind of 17x overnight depth does not appear without an incentive program; USDD also carries a 4.05% reward-heavy APY against a 30-day average of 4.25%. The pool got rented, not earned.
RLUSD's score climbed 63 to 79 on $17.7M of fresh TVL, a more orderly build at $104.72M. sUSDS bumped 60 to 69 with TVL essentially flat at $95.7M, a score moving ahead of the underlying data. USDY ran the other direction, score 44 to 36, TVL down $4M to $17.76M against a $2.14B float; exit capacity is thinning where the float is heaviest.
PSI holds 96.1, a 31st straight BEDROCK day, last below this level on April 25. Eleven active depegs include pmUSD at 1946 bps on $82.7M with a DEWS ALERT score of 48. Next trigger: if PMUSD widens to 2250 bps, the cross-source divergence story reignites. Watch USDD's TVL at tomorrow's print, because rented liquidity rarely stays past the rent check.