Today’s map
Mapped supply: $334B across 325 coins
A tier: 10 coins · 82.5%
C/D/F tiers: 261 coins · 9.0%
Pharos Daily Digest #210
USDC Adds $786M In One Day
USDC added $786.31M in a single session, about 40% of its $1.95B seven-day build, and the one-day pace is accelerating against that weekly run rate. Supply now stands at $75.63B, some 5% below the $79.75B high set on 11 April. Ethereum took $143.93M of net mint flow, arbitrum $15.83M. DAI ran the other way, down $26.82M on the day.
None of that reached the peg data. Twenty-one depegs are still active and none resolved in the last 24 hours. apxUSD narrowed to 163 bps at $0.983 on $310.91M of market cap, unresolved since the June STRC drawdown dragged it near $0.89. MSUSD widened to 1119 bps from 1083. pmUSD, on day 143, sits 4809 bps below peg against 5134 yesterday.
PSI holds 93 on its 90th straight BEDROCK day, severity 0.04. The three coins driving that severity, EURS, LUSD and VCHF, carry roughly $37M between them against a $320.39B market, which is how 21 open depegs sit under a bedrock print. Aggregate supply is within a fraction of a percent of the $319.71B Digest-window high set 16 days ago.
Stress bands ease DEWS ALERT names fell from seven to four across five band changes in 24 hours, though KAU still scores 41 on $318.79M of market cap, driven by cross-source divergence and liquidity erosion. The Bank Run Gauge returned to 1.0 from -11.4 and flight-to-quality is inactive. A second day of USDC issuance above $985M would mark rotation rather than drift; a gauge reading of -10 or lower moves flow stress to the front of the tape.
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Mapped supply: $334B across 325 coins
A tier: 10 coins · 82.5%
C/D/F tiers: 261 coins · 9.0%
Pharos Daily Digest #210
USDC Adds $786M In One Day
USDC added $786.31M in a single session, about 40% of its $1.95B seven-day build, and the one-day pace is accelerating against that weekly run rate. Supply now stands at $75.63B, some 5% below the $79.75B high set on 11 April. Ethereum took $143.93M of net mint flow, arbitrum $15.83M. DAI ran the other way, down $26.82M on the day.
None of that reached the peg data. Twenty-one depegs are still active and none resolved in the last 24 hours. apxUSD narrowed to 163 bps at $0.983 on $310.91M of market cap, unresolved since the June STRC drawdown dragged it near $0.89. MSUSD widened to 1119 bps from 1083. pmUSD, on day 143, sits 4809 bps below peg against 5134 yesterday.
PSI holds 93 on its 90th straight BEDROCK day, severity 0.04. The three coins driving that severity, EURS, LUSD and VCHF, carry roughly $37M between them against a $320.39B market, which is how 21 open depegs sit under a bedrock print. Aggregate supply is within a fraction of a percent of the $319.71B Digest-window high set 16 days ago.
Stress bands ease DEWS ALERT names fell from seven to four across five band changes in 24 hours, though KAU still scores 41 on $318.79M of market cap, driven by cross-source divergence and liquidity erosion. The Bank Run Gauge returned to 1.0 from -11.4 and flight-to-quality is inactive. A second day of USDC issuance above $985M would mark rotation rather than drift; a gauge reading of -10 or lower moves flow stress to the front of the tape.
Standing: pmUSD d143 4809bps · USDA d42 1061bps · MSUSD d60 1119bps · apxUSD d97 163bps · USDA d265 249bps
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🚨 Pharos joins Newton as a Stablecoin Safety Provider
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Pharos joins Newton as stablecoin safety provider.
We are excited to announce our new partnership with @newton_xyz to provide stress signals and DEWS data. Newton enforces it on every transaction …
We are excited to announce our new partnership with @newton_xyz to provide stress signals and DEWS data. Newton enforces it on every transaction …
Today’s map
Mapped supply: $333.4B across 317 coins
A tier: 8 coins · 26.9%
C/D/F tiers: 263 coins · 11.4%
Pharos Daily Digest #211
USDA Widens 2,849 Basis Points
USDA now reads 3,098 basis points below peg against 249 bps in the previous edition, on $145.58M of market cap, giving it the highest depeg impact score on the tape at 451. The reading is a stored one: the live price feed for the coin is unavailable, and every USDA ticker in the Safety Map grades F, one of them flagged for an unavailable peg price with adverse history. The direction is established; the exact print is provisional.
The rest of the depeg tape moved the same way. pmUSD widened from 4,809 to 5,193 bps and trades at $0.481 on $44.92M, day 144 of an unresolved break, and MSUSD went from 1,119 to 1,194 bps on $45.67M. Twenty-one depegs are active and none resolved in 24 hours. PSI still printed 93 on a 90-day BEDROCK streak with severity at 0.04, and its three named severity contributors, LUSD, XAGm and VCHF, are all under $27M in market cap.
Flows were smaller than the peg damage. USDe, USDY and TRYB each hit maximum negative pressure against their 30-day baselines, worth -$10.20M, -$10.00M and -$6.93M, while the Bank Run Gauge improved to 9.7 with no flight-to-quality flag. Total supply stands at $320.46B, level with the Digest-window record set a day earlier. DAI added $37.81M in a day versus $26.60M across the week; another single session above $50M would make that reallocation rather than drift.
Tracking Changes
Newly tracked stablecoins:
Newly Frozen Stablecoins
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Mapped supply: $333.4B across 317 coins
A tier: 8 coins · 26.9%
C/D/F tiers: 263 coins · 11.4%
Pharos Daily Digest #211
USDA Widens 2,849 Basis Points
USDA now reads 3,098 basis points below peg against 249 bps in the previous edition, on $145.58M of market cap, giving it the highest depeg impact score on the tape at 451. The reading is a stored one: the live price feed for the coin is unavailable, and every USDA ticker in the Safety Map grades F, one of them flagged for an unavailable peg price with adverse history. The direction is established; the exact print is provisional.
The rest of the depeg tape moved the same way. pmUSD widened from 4,809 to 5,193 bps and trades at $0.481 on $44.92M, day 144 of an unresolved break, and MSUSD went from 1,119 to 1,194 bps on $45.67M. Twenty-one depegs are active and none resolved in 24 hours. PSI still printed 93 on a 90-day BEDROCK streak with severity at 0.04, and its three named severity contributors, LUSD, XAGm and VCHF, are all under $27M in market cap.
Flows were smaller than the peg damage. USDe, USDY and TRYB each hit maximum negative pressure against their 30-day baselines, worth -$10.20M, -$10.00M and -$6.93M, while the Bank Run Gauge improved to 9.7 with no flight-to-quality flag. Total supply stands at $320.46B, level with the Digest-window record set a day earlier. DAI added $37.81M in a day versus $26.60M across the week; another single session above $50M would make that reallocation rather than drift.
Standing: pmUSD d144 5193bps · USDA d43 1065bps · MSUSD d61 1194bps · apxUSD d98 157bps · USDX d68 3399bps
Tracking Changes
Newly tracked stablecoins:
savUSD Avant Staked USDNewly Frozen Stablecoins
AZND Mu Digital AZND: An orderly exit from Asia creditcdxUSD Cod3x USD: Minted by facilitators, redeemable by no oneXTUSD XTUSD: The only market went quietRead on Pharos →
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Today’s map
Mapped supply: $333B across 313 coins
A tier: 8 coins · 26.9%
C/D/F tiers: 259 coins · 11.4%
Pharos Daily Digest #212
USDC Outgrows The Whole Market
USDC added $406.76M in a single session and $1.76B across the week, lifting its market cap to $75.55B. That weekly figure exceeds the $1.59B added by the entire stablecoin market over the same seven days, on a baseline covering 226 of 247 core coins; the arithmetic implies net contraction somewhere else in the tape. USDC is still 5% under its April 11 high of $79.75B.
PYUSD is the counterweight, shedding $106.98M in a day against $88.46M over the week, an accelerating outflow from a coin graded B (70) with a clean exit score. RLUSD ran net redemptions of $42.89M over 24 hours. The Bank Run Gauge improved to 20.3 from 9.7 with no flight-to-quality flag, which places the pressure in specific names rather than across the market.
pmUSD widened from 5,193 to 5,604 bps below peg at $0.440 on $41.31M, its V9 card still F (0) on an unsupported same-notional redemption route. USDA is unchanged at 3,098 bps on $145.58M, with live price unavailable. PSI held at 93.5, day 90 of the BEDROCK streak. Next marker: another USDC session of at least $510M in net issuance would turn this week's drift into measurable rotation.
Tracking Changes
Newly tracked stablecoins:
Read on Pharos →
Open @PharosWatchBot for a private /recap →
Mapped supply: $333B across 313 coins
A tier: 8 coins · 26.9%
C/D/F tiers: 259 coins · 11.4%
Pharos Daily Digest #212
USDC Outgrows The Whole Market
USDC added $406.76M in a single session and $1.76B across the week, lifting its market cap to $75.55B. That weekly figure exceeds the $1.59B added by the entire stablecoin market over the same seven days, on a baseline covering 226 of 247 core coins; the arithmetic implies net contraction somewhere else in the tape. USDC is still 5% under its April 11 high of $79.75B.
PYUSD is the counterweight, shedding $106.98M in a day against $88.46M over the week, an accelerating outflow from a coin graded B (70) with a clean exit score. RLUSD ran net redemptions of $42.89M over 24 hours. The Bank Run Gauge improved to 20.3 from 9.7 with no flight-to-quality flag, which places the pressure in specific names rather than across the market.
pmUSD widened from 5,193 to 5,604 bps below peg at $0.440 on $41.31M, its V9 card still F (0) on an unsupported same-notional redemption route. USDA is unchanged at 3,098 bps on $145.58M, with live price unavailable. PSI held at 93.5, day 90 of the BEDROCK streak. Next marker: another USDC session of at least $510M in net issuance would turn this week's drift into measurable rotation.
Standing: pmUSD d145 5604bps · USDA d44 1064bps · MSUSD d62 1161bps · apxUSD d99 154bps · USDX d69 3399bps
Tracking Changes
Newly tracked stablecoins:
VCRED VCREDRead on Pharos →
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🚨 Did you know: 99.9% of the stablecoin market share is freezable.
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Pharos FreezeWatch Spotted.
Our freezewatch tracks every freeze and blacklist event across the stablecoin market in real time.
Did you know that 99.92% of the entire stablecoin market share is cu…
Our freezewatch tracks every freeze and blacklist event across the stablecoin market in real time.
Did you know that 99.92% of the entire stablecoin market share is cu…
Today’s map
Mapped supply: $333.2B across 312 coins
A tier: 9 coins · 26.3%
C/D/F tiers: 256 coins · 11.4%
Pharos Daily Digest #213
USDT Accelerates As USDC Reverses
Tether added $208.10M in 24 hours, two thirds of its $307.57M weekly gain, while USDC shed $694.86M in a day against a $1.45B weekly build. Between them the two largest issuers ran a combined outflow of roughly $487M, yet total supply holds at $320.27B, 0.06% under the Digest-window high of $320.46B set two days ago. Ethereum accounted for +$323.51M of net 24h flow.
Grade movers PAXG fell from A (83) to B- (69) across $1.86B of supply, flagged for correlated exit routes and a partial reserve review. It scored 84.2 on backing and 82.15 on exit and still landed at 69, because the limited-evidence ceiling binds before the components do. KAG rose from F (18) to D (46) on $237.86M, and gtUSDC and gtUSDCp both reached A- (80), each held there by a parent cap.
Six coins sit at ALERT or above in DEWS after five band changes, with BD moving from WATCH to ALERT at score 40 on price confidence. pmUSD narrowed to 5,571 bps below peg at $0.443 and still scores ALERT 43. USDA remains 3,098 bps below peg on $145.58M with no material change since the previous edition. PSI reads 94 on day 90 of BEDROCK. A second USDT session above $265M of net supply would make this two-issuer split a rotation rather than a one-day divergence.
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Mapped supply: $333.2B across 312 coins
A tier: 9 coins · 26.3%
C/D/F tiers: 256 coins · 11.4%
Pharos Daily Digest #213
USDT Accelerates As USDC Reverses
Tether added $208.10M in 24 hours, two thirds of its $307.57M weekly gain, while USDC shed $694.86M in a day against a $1.45B weekly build. Between them the two largest issuers ran a combined outflow of roughly $487M, yet total supply holds at $320.27B, 0.06% under the Digest-window high of $320.46B set two days ago. Ethereum accounted for +$323.51M of net 24h flow.
Grade movers PAXG fell from A (83) to B- (69) across $1.86B of supply, flagged for correlated exit routes and a partial reserve review. It scored 84.2 on backing and 82.15 on exit and still landed at 69, because the limited-evidence ceiling binds before the components do. KAG rose from F (18) to D (46) on $237.86M, and gtUSDC and gtUSDCp both reached A- (80), each held there by a parent cap.
Six coins sit at ALERT or above in DEWS after five band changes, with BD moving from WATCH to ALERT at score 40 on price confidence. pmUSD narrowed to 5,571 bps below peg at $0.443 and still scores ALERT 43. USDA remains 3,098 bps below peg on $145.58M with no material change since the previous edition. PSI reads 94 on day 90 of BEDROCK. A second USDT session above $265M of net supply would make this two-issuer split a rotation rather than a one-day divergence.
Standing: pmUSD d146 5571bps · USDA d45 1134bps · MSUSD d63 1167bps · apxUSD d100 164bps · USDX d70 3399bps
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Today’s map
Mapped supply: $333.7B across 313 coins
A tier: 10 coins · 26.8%
C/D/F tiers: 258 coins · 11.4%
Pharos Daily Digest #214
PYUSD Flow Outruns Its Week
PYUSD took in $51.09M of net issuance over the 24 hours to 08:05 UTC, a pressure reading of 100 against its 30-day baseline, and the supply pipeline agrees: +$57.11M in one day against +$1.37M across the prior seven. The Bank Run Gauge printed 8.6 and flight-to-quality stayed inactive, which places the move on the creation side rather than the redemption side.
USDC added $1.14B over seven days to $75.57B, the largest weekly mover on the tape and still 5% under its April high of $79.75B. PYUSD put on roughly a twentieth of that in a single session, which is the less ordinary of the two facts. USDT decelerated to +$31.99M on the day against +$631.16M for the week, and Ethereum absorbed +$363.97M net across all issuers.
Nineteen depegs remain active and none resolved in the last 24 hours. USDA's largest listing holds 3,098 bps below peg on day 269 with no material change, while a separate USDA market widened to 1,214 bps at $0.878. pmUSD narrowed to 5,349 bps from 5,571 at $0.465, and apxUSD trades $0.985, 146 bps off, unresolved since the STRC drawdown in early June.
Stress bands DEWS held 7 ALERT+ names against 5 band changes, with MOVEUSD the elevated case at score 37 on $114.82M of cap, driven by liquidity erosion at 85; its DEX composite fell from 22 to 8 on a snapshot the pipeline flags unverified. PSI eased to 93.9 from 94, a 90-day BEDROCK streak intact. A $75M one-day PYUSD supply move next session turns this from drift into rotation.
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Mapped supply: $333.7B across 313 coins
A tier: 10 coins · 26.8%
C/D/F tiers: 258 coins · 11.4%
Pharos Daily Digest #214
PYUSD Flow Outruns Its Week
PYUSD took in $51.09M of net issuance over the 24 hours to 08:05 UTC, a pressure reading of 100 against its 30-day baseline, and the supply pipeline agrees: +$57.11M in one day against +$1.37M across the prior seven. The Bank Run Gauge printed 8.6 and flight-to-quality stayed inactive, which places the move on the creation side rather than the redemption side.
USDC added $1.14B over seven days to $75.57B, the largest weekly mover on the tape and still 5% under its April high of $79.75B. PYUSD put on roughly a twentieth of that in a single session, which is the less ordinary of the two facts. USDT decelerated to +$31.99M on the day against +$631.16M for the week, and Ethereum absorbed +$363.97M net across all issuers.
Nineteen depegs remain active and none resolved in the last 24 hours. USDA's largest listing holds 3,098 bps below peg on day 269 with no material change, while a separate USDA market widened to 1,214 bps at $0.878. pmUSD narrowed to 5,349 bps from 5,571 at $0.465, and apxUSD trades $0.985, 146 bps off, unresolved since the STRC drawdown in early June.
Stress bands DEWS held 7 ALERT+ names against 5 band changes, with MOVEUSD the elevated case at score 37 on $114.82M of cap, driven by liquidity erosion at 85; its DEX composite fell from 22 to 8 on a snapshot the pipeline flags unverified. PSI eased to 93.9 from 94, a 90-day BEDROCK streak intact. A $75M one-day PYUSD supply move next session turns this from drift into rotation.
Standing: pmUSD d147 5349bps · USDA d46 1214bps · MSUSD d64 1118bps · apxUSD d101 146bps · cNGN d66 9993bps
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26 Sept map
Mapped supply: $333.7B across 313 coins
A tier: 10 coins · 26.8%
C/D/F tiers: 258 coins · 11.4%
Pharos Daily Digest #215
pmUSD Widens, Gauge Turns Cautious
pmUSD widened to 5,555 basis points below peg, quoting $0.444 against 5,349 bps yesterday, on a $41.77M market cap that has been detached for 148 days; its Pharos card reads F, with an exit score of 35 and an unsupported same-notional redemption route. apxUSD also widened, to 181 bps at $0.982, still carrying the unresolved STRC drawdown that took it near $0.89 in June.
USDA, the largest active deviation by holder exposure at 3,098 bps on $145.58M, is unchanged. The flow side moved more. The Bank Run Gauge fell to -16.7, CAUTIOUS, down 37 points from the +20.3 recorded on 24 September. USDTB showed the sharpest shift against its 30-day baseline, intensity 100 on $14.99M of net mints; Ethereum took +$81.39M net over the 24-hour window.
USDC's +$2.15B week to $76.50B contains a -$1.20B single day. PSI at 94.3 extends a 90-day BEDROCK streak, and total stablecoin market cap of $321.56B sits just above the $320.63B high set a day earlier. DEWS alerts fell from seven to two. If the gauge prints -25 or lower at the next reading, flow stress takes over from supply rotation as the leading signal.
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Mapped supply: $333.7B across 313 coins
A tier: 10 coins · 26.8%
C/D/F tiers: 258 coins · 11.4%
Pharos Daily Digest #215
pmUSD Widens, Gauge Turns Cautious
pmUSD widened to 5,555 basis points below peg, quoting $0.444 against 5,349 bps yesterday, on a $41.77M market cap that has been detached for 148 days; its Pharos card reads F, with an exit score of 35 and an unsupported same-notional redemption route. apxUSD also widened, to 181 bps at $0.982, still carrying the unresolved STRC drawdown that took it near $0.89 in June.
USDA, the largest active deviation by holder exposure at 3,098 bps on $145.58M, is unchanged. The flow side moved more. The Bank Run Gauge fell to -16.7, CAUTIOUS, down 37 points from the +20.3 recorded on 24 September. USDTB showed the sharpest shift against its 30-day baseline, intensity 100 on $14.99M of net mints; Ethereum took +$81.39M net over the 24-hour window.
USDC's +$2.15B week to $76.50B contains a -$1.20B single day. PSI at 94.3 extends a 90-day BEDROCK streak, and total stablecoin market cap of $321.56B sits just above the $320.63B high set a day earlier. DEWS alerts fell from seven to two. If the gauge prints -25 or lower at the next reading, flow stress takes over from supply rotation as the leading signal.
Standing: pmUSD d148 5555bps · USDA d47 1234bps · apxUSD d102 181bps · MSUSD d65 1119bps · cNGN d67 9993bps
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27 Sept map
Mapped supply: $334.6B across 312 coins
A tier: 8 coins · 27.0%
C/D/F tiers: 257 coins · 11.3%
Pharos Daily Digest #216
Flow Gauge Deepens To -27.6
The Bank Run Gauge fell to -27.6 and stays in CAUTIOUS, a second consecutive decline and a 36-point move from +8.6 two sessions ago. Ethereum accounted for -$109.47M of net 24h flow against +$1.40M on Arbitrum. stUSDS showed the sharpest pressure shift versus its 30-day baseline at -100, on net -$8.92M of measured supply change; U ran the opposite way at +100 on $7.00M. The flight-to-quality flag is inactive.
PSI eased to 94.1 from 94.2, its ninetieth day in BEDROCK, with severity at 0.03 and breadth at 5.52. Across the same two sessions in which the gauge traveled 36 points, the index moved 0.2, which is the distance between a flow measure and a price-weighted one. Nineteen depegs remain active: apxUSD is unchanged at a stored 3,159 bps on $310.81M, dated to the June STRC drawdown.
Stress breadth DEWS ALERT+ doubled to 8 from 4, and WATCH rose to 99 from 92. ALUSD crossed from WATCH to ALERT at score 36 on cross-source divergence, while KAG holds ALERT at 38 on $228.54M with liquidity erosion at 80. MSUSD entered the top candidate set at a stored 5,561 bps on $45.61M, traced to oracle-latency underbacking on 2 September.
XAUT added $269.85M of token supply in a day against +$218.38M across the week, and USDC's +$798.52M weekly print leaves it 6% below its April peak of $79.75B. A gauge reading of -35 or lower would put flow stress ahead of the chronic depegs as the primary signal; a single-day XAUT move of $340M or more would make that supply story a reallocation rather than drift.
Tracking Changes
Newly tracked pre-launch stablecoins:
Read on Pharos →
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Mapped supply: $334.6B across 312 coins
A tier: 8 coins · 27.0%
C/D/F tiers: 257 coins · 11.3%
Pharos Daily Digest #216
Flow Gauge Deepens To -27.6
The Bank Run Gauge fell to -27.6 and stays in CAUTIOUS, a second consecutive decline and a 36-point move from +8.6 two sessions ago. Ethereum accounted for -$109.47M of net 24h flow against +$1.40M on Arbitrum. stUSDS showed the sharpest pressure shift versus its 30-day baseline at -100, on net -$8.92M of measured supply change; U ran the opposite way at +100 on $7.00M. The flight-to-quality flag is inactive.
PSI eased to 94.1 from 94.2, its ninetieth day in BEDROCK, with severity at 0.03 and breadth at 5.52. Across the same two sessions in which the gauge traveled 36 points, the index moved 0.2, which is the distance between a flow measure and a price-weighted one. Nineteen depegs remain active: apxUSD is unchanged at a stored 3,159 bps on $310.81M, dated to the June STRC drawdown.
Stress breadth DEWS ALERT+ doubled to 8 from 4, and WATCH rose to 99 from 92. ALUSD crossed from WATCH to ALERT at score 36 on cross-source divergence, while KAG holds ALERT at 38 on $228.54M with liquidity erosion at 80. MSUSD entered the top candidate set at a stored 5,561 bps on $45.61M, traced to oracle-latency underbacking on 2 September.
XAUT added $269.85M of token supply in a day against +$218.38M across the week, and USDC's +$798.52M weekly print leaves it 6% below its April peak of $79.75B. A gauge reading of -35 or lower would put flow stress ahead of the chronic depegs as the primary signal; a single-day XAUT move of $340M or more would make that supply story a reallocation rather than drift.
Standing: pmUSD d149 5442bps · USDA d48 1090bps · USDX d73 3399bps · cNGN d68 9993bps · apxUSD d103
Tracking Changes
Newly tracked pre-launch stablecoins:
USD-CONSORTIUM Bank Consortium USD StablecoinJPY-MEGABANKS Japan Megabank JPY StablecoinRead on Pharos →
Open @PharosWatchBot for a private /recap →
Weekly Recap: Five Yield Flags, Gauge Ends At -27.6
USDT carried the week's largest single signal: a 4.9% APY reading on 24 September against a 7-day average of 4.78% and a 30-day average of 4.7%, tagged tvl-outflow on $183.51B of market cap. Its severity score of 183,531 ran roughly 37 times the next leaderboard item, USDe at 4,973. PSI opened the week at 93, its floor, and finished at 94.1 after touching 94.3, inside BEDROCK on all seven days and 1.2 points above the prior week's midpoint.
The thread across the week was yield anomalies logged without corroborating flow evidence. USDT drew warnings on the 22nd, 23rd and 24th, each tagged tvl-outflow, with the reading moving from 4.79% to 4.9%. USDe drew four, from 4.73% on the 26th to 4.84% on the 28th, each tagged opportunity-evidence-missing while its market cap grew from $4.91B to $4.95B.
Three of the week's yield flags pointed the other way. PYUSD printed 3.81% against a 30-day average of 6.15%, XAUT 1.3% against 1.96%, and USDTB 2.64% against 4.58% on $520.54M. Aggregate stress eased as well: 137 active depeg observations against 156 a week earlier, 8 unique signals in both weeks, and zero grade transitions for a second week. Every critical depeg was inherited, apxUSD at 3,159 bps on $310.81M, MSUSD at 5,561 bps and pmUSD at 5,442 bps, none new to this week.
USDC ran the supply story in both directions, adding $786.31M on the 22nd into a 7-day gain of $1.95B, then reversing $1.20B in one session on the 27th to leave +$968.07M over the trailing week. Market cap closed at $320.55B, up 0.05% across the seven sessions and 0.50% on the prior week. Blacklisting concentrated into fewer, larger actions: 134 events for $26.16M versus 160 events for $24.79M, the biggest a $3.14M USDT freeze on Tron. The Bank Run Gauge midpoint improved to 0.2 from -10.9, then the reading closed at -27.6, its low for the week.
Daily triggers resolved badly: 4 hit and 12 missed for a 25% hit share, with 4 pending and 1 where the evidence could not settle an outcome. The first test next week is whether the gauge reading climbs back above zero from -27.6 or extends lower; the second is whether USDC's 7-day net supply turns negative after the $1.20B single-day reversal.
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USDT carried the week's largest single signal: a 4.9% APY reading on 24 September against a 7-day average of 4.78% and a 30-day average of 4.7%, tagged tvl-outflow on $183.51B of market cap. Its severity score of 183,531 ran roughly 37 times the next leaderboard item, USDe at 4,973. PSI opened the week at 93, its floor, and finished at 94.1 after touching 94.3, inside BEDROCK on all seven days and 1.2 points above the prior week's midpoint.
The thread across the week was yield anomalies logged without corroborating flow evidence. USDT drew warnings on the 22nd, 23rd and 24th, each tagged tvl-outflow, with the reading moving from 4.79% to 4.9%. USDe drew four, from 4.73% on the 26th to 4.84% on the 28th, each tagged opportunity-evidence-missing while its market cap grew from $4.91B to $4.95B.
Three of the week's yield flags pointed the other way. PYUSD printed 3.81% against a 30-day average of 6.15%, XAUT 1.3% against 1.96%, and USDTB 2.64% against 4.58% on $520.54M. Aggregate stress eased as well: 137 active depeg observations against 156 a week earlier, 8 unique signals in both weeks, and zero grade transitions for a second week. Every critical depeg was inherited, apxUSD at 3,159 bps on $310.81M, MSUSD at 5,561 bps and pmUSD at 5,442 bps, none new to this week.
USDC ran the supply story in both directions, adding $786.31M on the 22nd into a 7-day gain of $1.95B, then reversing $1.20B in one session on the 27th to leave +$968.07M over the trailing week. Market cap closed at $320.55B, up 0.05% across the seven sessions and 0.50% on the prior week. Blacklisting concentrated into fewer, larger actions: 134 events for $26.16M versus 160 events for $24.79M, the biggest a $3.14M USDT freeze on Tron. The Bank Run Gauge midpoint improved to 0.2 from -10.9, then the reading closed at -27.6, its low for the week.
Daily triggers resolved badly: 4 hit and 12 missed for a 25% hit share, with 4 pending and 1 where the evidence could not settle an outcome. The first test next week is whether the gauge reading climbs back above zero from -27.6 or extends lower; the second is whether USDC's 7-day net supply turns negative after the $1.20B single-day reversal.
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27 Sept map
Mapped supply: $334.6B across 312 coins
A tier: 8 coins · 27.0%
C/D/F tiers: 257 coins · 11.3%
Pharos Daily Digest #217
USDC Sheds $942M In A Week
USDC's supply fell $942.45M over seven days to $74.80B, the largest weekly move on the board, while total stablecoin market cap slipped only $29.40M in the same window. On that baseline, which covers 242 of 247 core coins, the other tokens added roughly $913M net. USDC now sits 6% below its $79.75B record of April 11. The burn count alone does not identify the holders behind it or their reasons.
XAUT added $619.60M over the week, and $483.73M of that arrived in a single day, clearing the $340M one-day mark set in the previous edition. Ethereum carried +$464.78M of net mint/burn flow over 24 hours, consistent with that issuance, though the chain figure does not name the token. USDS reversed, shedding $22.49M on the day after adding $157.60M across the week.
The Bank Run Gauge recovered to -16.4 from -27.6 and remains CAUTIOUS. USDe netted -$27.38M and USD3 +$16.92M, each at the limit of its 30-day pressure scale. USDA stays critical on a stored 3,098 bps reading with no live price available. Next trigger: an XAUT one-day move of $605M or more would turn a steady supply climb into a rotation-scale move, and a USDC weekly decline past $1B would give the contraction follow-through.
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Mapped supply: $334.6B across 312 coins
A tier: 8 coins · 27.0%
C/D/F tiers: 257 coins · 11.3%
Pharos Daily Digest #217
USDC Sheds $942M In A Week
USDC's supply fell $942.45M over seven days to $74.80B, the largest weekly move on the board, while total stablecoin market cap slipped only $29.40M in the same window. On that baseline, which covers 242 of 247 core coins, the other tokens added roughly $913M net. USDC now sits 6% below its $79.75B record of April 11. The burn count alone does not identify the holders behind it or their reasons.
XAUT added $619.60M over the week, and $483.73M of that arrived in a single day, clearing the $340M one-day mark set in the previous edition. Ethereum carried +$464.78M of net mint/burn flow over 24 hours, consistent with that issuance, though the chain figure does not name the token. USDS reversed, shedding $22.49M on the day after adding $157.60M across the week.
The Bank Run Gauge recovered to -16.4 from -27.6 and remains CAUTIOUS. USDe netted -$27.38M and USD3 +$16.92M, each at the limit of its 30-day pressure scale. USDA stays critical on a stored 3,098 bps reading with no live price available. Next trigger: an XAUT one-day move of $605M or more would turn a steady supply climb into a rotation-scale move, and a USDC weekly decline past $1B would give the contraction follow-through.
Standing: pmUSD d150 5392bps · USDA d49 1119bps · MSUSD d67 1130bps · USDX d74 3399bps · apxUSD d104 102bps
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