Executive Summary
USDC added $673M to reach $78.02B, still 2% below April's ATH, while DEWS ALERT count rose to 16 and CUSD's grade collapsed from B- to F on a $113M float.
USDC closed the week at $78.02B after adding $672.85M, leaving it 2% below the April 11 ATH of $79.75B. That gap has held for a month. The largest weekly issuer growth in the field reads as reabsorption rather than expansion; Circle's record single-week mint, $6.55B, looks like a different era of demand.
The texture elsewhere is rougher. DEWS ALERT count climbed from 14 to 16 overnight, with USDM scoring 39 on supply velocity and CUSD's grade collapsing from B- to F on a $113M float. Three chronic depegs widened: SUSD to 2903 bps, USR to 9025 bps, UUSD to 633 bps. pmUSD narrowed; the rest of the cohort kept drifting.
PSI sits at 93 on day 34 of an unbroken BEDROCK run, yet the 7-day arc has dropped from 97.1 to 93 without a single up session. If it prints 91 or lower tomorrow, the regime frame gives way to active deterioration. USDA at 109 bps, with 150 as the next trigger, decides which line breaks first.