TokenBrice here, just a quick note to tell you that I am going live on Leviathan News to discuss Pharos: https://x.com/i/broadcasts/1nGnRYBzklkGO
BEDROCK Slips, Quietly
PSI pulls back to 91.9 in BEDROCK, down from 95 yesterday, with severity ticking up to 0.09 and breadth holding at 7. The index remains well inside its most stable band, but four points in one session is not nothing; it is the market clearing its throat.
The resolved story deserves more attention than the active one. KAU shed a 2036 bps depeg in 8 hours and KAG managed two separate recoveries, including a 755 bps event over 15 hours, all on a combined float north of $700M. That kind of turbulence resolving cleanly is what BEDROCK is supposed to look like from the outside. What it looks like from the inside is 17 blacklist events in 24 hours, $4.40M affected, with $1.12M and $1.10M destroy events on USDT-Ethereum arriving in close succession, which is either routine enforcement hygiene or a very busy morning for one compliance desk.
USDC added $1.25B this week to reach $76.02B, a clean number on a coin rated B+ with a liquidity score of 97. NECT sits 146 bps below peg on $18.29M with an F safety grade and a liquidity score of 16, which is the kind of structural profile that does not resolve, it persists, quietly, until it does not.
Read on Pharos →
PSI pulls back to 91.9 in BEDROCK, down from 95 yesterday, with severity ticking up to 0.09 and breadth holding at 7. The index remains well inside its most stable band, but four points in one session is not nothing; it is the market clearing its throat.
The resolved story deserves more attention than the active one. KAU shed a 2036 bps depeg in 8 hours and KAG managed two separate recoveries, including a 755 bps event over 15 hours, all on a combined float north of $700M. That kind of turbulence resolving cleanly is what BEDROCK is supposed to look like from the outside. What it looks like from the inside is 17 blacklist events in 24 hours, $4.40M affected, with $1.12M and $1.10M destroy events on USDT-Ethereum arriving in close succession, which is either routine enforcement hygiene or a very busy morning for one compliance desk.
USDC added $1.25B this week to reach $76.02B, a clean number on a coin rated B+ with a liquidity score of 97. NECT sits 146 bps below peg on $18.29M with an F safety grade and a liquidity score of 16, which is the kind of structural profile that does not resolve, it persists, quietly, until it does not.
Read on Pharos →
⚠️ WARNING: KAG
Kinesis Silver (RWA-Backed, Centralized) has entered the DEWS WARNING band.
Score: 58/100 — up from ALERT
Market cap: $315M | Price: $84.5061
Top stress signals:
• Price Confidence: 75
• Cross-source Divergence: 52
• Supply Velocity: 51
View full analysis →
Kinesis Silver (RWA-Backed, Centralized) has entered the DEWS WARNING band.
Score: 58/100 — up from ALERT
Market cap: $315M | Price: $84.5061
Top stress signals:
• Price Confidence: 75
• Cross-source Divergence: 52
• Supply Velocity: 51
View full analysis →
pharos.watch
Kinesis Silver (KAG): Stablecoin Analytics
Live analytics for Kinesis Silver (KAG). Centralized (CeFi) stablecoin backed by real-world asset backed, pegged to Silver. Price, market cap, supply trends, chain distribution, peg score, and depeg history on Pharos.
TokenBrice's note: testing in prod a bit of a crude implementation of the warning system, it seems to be working fine. Actual implementation will include a bot to allow you to suscribe to specific stable (or all) and get warnings in DMs to not spam this channel. Please be patient, just a few days away 😅
Edit: unplugged the DEWS warning from this channel from now
Edit: unplugged the DEWS warning from this channel from now
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BEDROCK Holds, KAG Sprints
PSI lands at 94.3 in BEDROCK for the second consecutive session, severity at 0.03, breadth at 3.93, trend positive by 0.75. The number is identical to yesterday, which is either a reassuring sign of structural anchor or the index politely refusing to have an opinion.
The sharpest story today is one that already resolved: KAG printed three separate depegs, 598 bps, 370 bps, and 337 bps in succession on a $314.86M float, recovering from each within an hour or less. Three misfires and three corrections on the same $315M instrument inside a single news cycle is not routine volatility, it is a coin testing its own reflexes. USDC, meanwhile, quietly added $1.42B this week to reach $76.40B, while USDT shed $38.16M yesterday after posting a positive weekly average, its supply running in two directions at once like a trader who forgot which way they were facing.
Thirty-two blacklist events in 24 hours affected $285.89K, with four USDT-on-Ethereum freezes accounting for $282.34K of that total. The amounts are small, the volume is not; 32 actions in a single day is a pace that suggests someone's compliance queue had a busy morning, even as the PSI sits at its most placid reading.
Read on Pharos →
PSI lands at 94.3 in BEDROCK for the second consecutive session, severity at 0.03, breadth at 3.93, trend positive by 0.75. The number is identical to yesterday, which is either a reassuring sign of structural anchor or the index politely refusing to have an opinion.
The sharpest story today is one that already resolved: KAG printed three separate depegs, 598 bps, 370 bps, and 337 bps in succession on a $314.86M float, recovering from each within an hour or less. Three misfires and three corrections on the same $315M instrument inside a single news cycle is not routine volatility, it is a coin testing its own reflexes. USDC, meanwhile, quietly added $1.42B this week to reach $76.40B, while USDT shed $38.16M yesterday after posting a positive weekly average, its supply running in two directions at once like a trader who forgot which way they were facing.
Thirty-two blacklist events in 24 hours affected $285.89K, with four USDT-on-Ethereum freezes accounting for $282.34K of that total. The amounts are small, the volume is not; 32 actions in a single day is a pace that suggests someone's compliance queue had a busy morning, even as the PSI sits at its most placid reading.
Read on Pharos →
USDS Accelerates, BEDROCK Nods
PSI settles at 92.8 in BEDROCK, down half a point from yesterday's 93.5, with severity at 0.27 and breadth at 10.38. The index has not left its most stable band, but breadth approaching double digits suggests the calm is distributed unevenly across the ecosystem.
The sharpest story today belongs to USD1, which shed $87.47M over the past week and then reversed completely, printing $611K of net issuance in a single day. A coin rated B with a liquidity score of 74 swinging from an $87M drain to fresh minting inside 24 hours is not a routine oscillation; it is a directional argument that has not finished being made. Meanwhile USDS added $273.87M yesterday against a $291.43M weekly average, meaning one coin is quietly compressing its weekly run into fewer days while its peer lurches from contraction to expansion. USDC, for its part, grew $1.66B this week to $77.08B and generated no drama whatsoever, which is the most expensive form of boring available.
KAG recovered from a 337 bps depeg on $303.45M inside an hour, its third such recovery in recent sessions, a coin apparently committed to stress-testing its own peg reflexes on a schedule. LUSD remains 167 bps off-peg with a liquidity score of 44 and a B safety grade, which is the combination that earns a watchful squint rather than an alarm.
Read on Pharos →
PSI settles at 92.8 in BEDROCK, down half a point from yesterday's 93.5, with severity at 0.27 and breadth at 10.38. The index has not left its most stable band, but breadth approaching double digits suggests the calm is distributed unevenly across the ecosystem.
The sharpest story today belongs to USD1, which shed $87.47M over the past week and then reversed completely, printing $611K of net issuance in a single day. A coin rated B with a liquidity score of 74 swinging from an $87M drain to fresh minting inside 24 hours is not a routine oscillation; it is a directional argument that has not finished being made. Meanwhile USDS added $273.87M yesterday against a $291.43M weekly average, meaning one coin is quietly compressing its weekly run into fewer days while its peer lurches from contraction to expansion. USDC, for its part, grew $1.66B this week to $77.08B and generated no drama whatsoever, which is the most expensive form of boring available.
KAG recovered from a 337 bps depeg on $303.45M inside an hour, its third such recovery in recent sessions, a coin apparently committed to stress-testing its own peg reflexes on a schedule. LUSD remains 167 bps off-peg with a liquidity score of 44 and a B safety grade, which is the combination that earns a watchful squint rather than an alarm.
Read on Pharos →
DAI Wakes Up, GYEN Stays Down
PSI ticks to 94 in BEDROCK, up 1.1 points from yesterday's 92.9, with severity at a near-invisible 0.04 and breadth at 4.32. The total stablecoin market added $3.89B this week to reach $322.40B, and the index responded by doing almost nothing, which at this size is its own kind of statement.
The sharpest supply story is DAI, which printed $172.65M in a single day against a $75.45M weekly average, meaning yesterday absorbed more than twice the week's prior daily pace. A B-rated coin with a liquidity score of 68 accelerating that sharply without a corresponding peg event is worth watching; either demand arrived in a hurry or someone is building a position before something moves. GYEN, meanwhile, sits 2957 bps below peg on $4.97M with an F safety score and liquidity of 10, a coin so structurally compromised that its depeg is less an event than a condition.
Forty-nine blacklist actions in 24 hours affected $1.93M, with five USDT destroy events accounting for nearly $1.47M between them, all on Tron or Ethereum. CUSD resolved two separate depegs, 375 bps and 312 bps, on a $106.72M float in under an hour each, and pmUSD cleared 300 bps on $107.28M just as quickly. Three clean recoveries on coins above $100M while the PSI barely blinks is exactly what functional plumbing is supposed to look like.
Read on Pharos →
PSI ticks to 94 in BEDROCK, up 1.1 points from yesterday's 92.9, with severity at a near-invisible 0.04 and breadth at 4.32. The total stablecoin market added $3.89B this week to reach $322.40B, and the index responded by doing almost nothing, which at this size is its own kind of statement.
The sharpest supply story is DAI, which printed $172.65M in a single day against a $75.45M weekly average, meaning yesterday absorbed more than twice the week's prior daily pace. A B-rated coin with a liquidity score of 68 accelerating that sharply without a corresponding peg event is worth watching; either demand arrived in a hurry or someone is building a position before something moves. GYEN, meanwhile, sits 2957 bps below peg on $4.97M with an F safety score and liquidity of 10, a coin so structurally compromised that its depeg is less an event than a condition.
Forty-nine blacklist actions in 24 hours affected $1.93M, with five USDT destroy events accounting for nearly $1.47M between them, all on Tron or Ethereum. CUSD resolved two separate depegs, 375 bps and 312 bps, on a $106.72M float in under an hour each, and pmUSD cleared 300 bps on $107.28M just as quickly. Three clean recoveries on coins above $100M while the PSI barely blinks is exactly what functional plumbing is supposed to look like.
Read on Pharos →
TokenBrice's note:
Pharos just successfully underwent a large scale database migration. The website was inaccessible for a few minutes, sorry for the troubles.
We're all clear now and this migration sets strong foundations to build up: up only (in coverage and compute)
Pharos just successfully underwent a large scale database migration. The website was inaccessible for a few minutes, sorry for the troubles.
We're all clear now and this migration sets strong foundations to build up: up only (in coverage and compute)
Three Reversals, One Footnote
PSI slips to 93.4 in BEDROCK, down 2 points from yesterday's 95.4, with severity at 0.24 and breadth at 11. The index remains structurally anchored, but a 2-point decline paired with breadth at 11 means the wobble is spread thin across the ecosystem rather than concentrated anywhere you can easily point at.
The supply story today is almost perversely coordinated: USDT, USDC, and DAI all reversed direction simultaneously, draining $9.56M, $37.74M, and $24.71M respectively in a single day after posting weekly gains of $366M, $2.07B, and $69M. Three coins totaling roughly $250B in combined market cap decided yesterday was the day to exhale, all at once, while PYUSD accelerated to $19.76M daily against a $4.14M weekly average, moving in the exact opposite direction. KAU meanwhile sits 452 bps off-peg on a $413.57M float, rated C with a peg score of 81, and is the only active depeg that registers as market impact rather than background noise. Its siblings KAG and CUSD both resolved cleanly in under 2 hours on floats above $300M, which suggests the gold-backed family had a turbulent morning that mostly sorted itself out.
Five USDT blacklist actions on Tron in 24 hours registered $0.00 in affected value, which is either a data artifact or the most efficient compliance theater in the industry. XAUT quietly reversed from a weekly drain of $11.52M to fresh minting of $1.55M yesterday, a direction change on a gold-backed instrument that rhymes with KAU and KAG stress without quite explaining it.
Read on Pharos →
PSI slips to 93.4 in BEDROCK, down 2 points from yesterday's 95.4, with severity at 0.24 and breadth at 11. The index remains structurally anchored, but a 2-point decline paired with breadth at 11 means the wobble is spread thin across the ecosystem rather than concentrated anywhere you can easily point at.
The supply story today is almost perversely coordinated: USDT, USDC, and DAI all reversed direction simultaneously, draining $9.56M, $37.74M, and $24.71M respectively in a single day after posting weekly gains of $366M, $2.07B, and $69M. Three coins totaling roughly $250B in combined market cap decided yesterday was the day to exhale, all at once, while PYUSD accelerated to $19.76M daily against a $4.14M weekly average, moving in the exact opposite direction. KAU meanwhile sits 452 bps off-peg on a $413.57M float, rated C with a peg score of 81, and is the only active depeg that registers as market impact rather than background noise. Its siblings KAG and CUSD both resolved cleanly in under 2 hours on floats above $300M, which suggests the gold-backed family had a turbulent morning that mostly sorted itself out.
Five USDT blacklist actions on Tron in 24 hours registered $0.00 in affected value, which is either a data artifact or the most efficient compliance theater in the industry. XAUT quietly reversed from a weekly drain of $11.52M to fresh minting of $1.55M yesterday, a direction change on a gold-backed instrument that rhymes with KAU and KAG stress without quite explaining it.
Read on Pharos →
KAU Returns, Briefly
PSI holds at 89.7 in STEADY for the second consecutive session, severity at 0.41, breadth at 11.47. The number has not moved, but the composition underneath it has: 12 active depegs, breadth nearly at 12, and a severity reading nearly five times last week's floor. STEADY is not the same as static.
KAU is the main event, and it is not finished. The gold-backed coin recovered from 606 bps after 15 hours on its $419.79M float, then promptly re-depegged to 913 bps, its worst reading yet. KAG cleaned up two separate events of 229 and 222 bps on $307.44M inside a combined 3 hours, suggesting the recovery mechanism works at smaller amplitudes. At 913 bps on $420M, KAU is testing whether it also works when the problem is larger. Its C safety grade and peg score of 72 suggest some structural skepticism is warranted.
The supply reversals are worth a second look. USDC shed $59.11M yesterday after adding $2.00B across the week, and USDT flipped negative at $9.45M daily after a $443M weekly run. Both of the market's two largest coins exhaled on the same day, while PYUSD, at $73M and rated B, reversed from a $67M weekly drain to fresh net minting. One large coin zigging while two larger ones zag is the kind of quiet divergence that tends to look obvious in retrospect.
Read on Pharos →
PSI holds at 89.7 in STEADY for the second consecutive session, severity at 0.41, breadth at 11.47. The number has not moved, but the composition underneath it has: 12 active depegs, breadth nearly at 12, and a severity reading nearly five times last week's floor. STEADY is not the same as static.
KAU is the main event, and it is not finished. The gold-backed coin recovered from 606 bps after 15 hours on its $419.79M float, then promptly re-depegged to 913 bps, its worst reading yet. KAG cleaned up two separate events of 229 and 222 bps on $307.44M inside a combined 3 hours, suggesting the recovery mechanism works at smaller amplitudes. At 913 bps on $420M, KAU is testing whether it also works when the problem is larger. Its C safety grade and peg score of 72 suggest some structural skepticism is warranted.
The supply reversals are worth a second look. USDC shed $59.11M yesterday after adding $2.00B across the week, and USDT flipped negative at $9.45M daily after a $443M weekly run. Both of the market's two largest coins exhaled on the same day, while PYUSD, at $73M and rated B, reversed from a $67M weekly drain to fresh net minting. One large coin zigging while two larger ones zag is the kind of quiet divergence that tends to look obvious in retrospect.
Read on Pharos →
TokenBrice's note: Digest system was massively upgraded today, with too many fixes and improvements to list + a switch from Sonnet to Opus => Next digests should be even more interesting. The telegram alert system is also live, DM @PharosDailyDigest to get started (working on getting the @ changed...) - run the /help command and he will walk you through what you need to do to register to depeg, dews and safety score alerts on your desired stablecoins.
Sixty Coins Blink Yellow
PSI clawed back to 91.2 BEDROCK after touching 90.8 yesterday, but the DEWS board tells a different story: 60 coins now sit in WATCH band, up from 36 just 24 hours ago, while ALERT count jumped from 4 to 9. That is the sharpest single-day redistribution in weeks, and it happened while the headline index barely moved.
The tension lives in the middle shelf. USDA, at $270.84M, is the largest coin sitting in ALERT, scoring 38. MIM and GYD both escalated to ALERT at 43, driven by liquidity erosion. Meanwhile, USDC and USDT both reversed yesterday, shedding a combined $68M against weekly gains of $2.44B, as if the market inhaled deeply and held its breath.
USLC added $2.04B on the week to reach $77.27B, now 2% below its December ATH of $78.57B. Whether that proximity acts as a magnet or a ceiling depends on how many of those 60 WATCH coins stay where they are.
Read on Pharos →
PSI clawed back to 91.2 BEDROCK after touching 90.8 yesterday, but the DEWS board tells a different story: 60 coins now sit in WATCH band, up from 36 just 24 hours ago, while ALERT count jumped from 4 to 9. That is the sharpest single-day redistribution in weeks, and it happened while the headline index barely moved.
The tension lives in the middle shelf. USDA, at $270.84M, is the largest coin sitting in ALERT, scoring 38. MIM and GYD both escalated to ALERT at 43, driven by liquidity erosion. Meanwhile, USDC and USDT both reversed yesterday, shedding a combined $68M against weekly gains of $2.44B, as if the market inhaled deeply and held its breath.
USLC added $2.04B on the week to reach $77.27B, now 2% below its December ATH of $78.57B. Whether that proximity acts as a magnet or a ceiling depends on how many of those 60 WATCH coins stay where they are.
Read on Pharos →
Looking for the bots for depeg, DEWS and safety score alerts customized on the stablecoin list of your choice? Find it at @PharosWatchBot
More information and example commands: https://pharos.watch/telegram/
More information and example commands: https://pharos.watch/telegram/
pharos.watch
Telegram Alerts & Digest: Real-Time Stablecoin Notifications
Set up per-coin Telegram alerts for depeg events, DEWS threat level changes, and safety grade shifts. Plus get the daily Pharos stablecoin digest straight to your feed.
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USDC Flirts With Its Ceiling
PSI climbed to 93.9, its highest since March 9, on a 2-day BEDROCK streak that belies the tension underneath. USDC added $2.33B this week to reach $78.25B, now within 0.4% of its all-time high of $78.57B set last December. That is a coin pressing against a wall it has never breached, while USDT shed $208M yesterday against a positive weekly trend, a velocity reversal worth watching.
The DEWS board added 4 new ALERT signals in 24 hours, jumping from 1 to 5. SUSD (score 36, $42.60M) flagged on cross-source divergence; MIM (score 37, $32.03M) drifted on pool balance. Neither is large enough to move the needle alone, but the direction is one-way. The Bank Run Gauge sits at 39.6, healthy, though syrupUSDT quietly minted $100M in a single day.
KAU and KAG both resolved their depegs, the former snapping back from 913 bps on nearly $400M in market cap. That cleanup helps PSI, but USDT's daily reversal against its weekly grain is the kind of friction that precedes something, or nothing at all.
Read on Pharos →
PSI climbed to 93.9, its highest since March 9, on a 2-day BEDROCK streak that belies the tension underneath. USDC added $2.33B this week to reach $78.25B, now within 0.4% of its all-time high of $78.57B set last December. That is a coin pressing against a wall it has never breached, while USDT shed $208M yesterday against a positive weekly trend, a velocity reversal worth watching.
The DEWS board added 4 new ALERT signals in 24 hours, jumping from 1 to 5. SUSD (score 36, $42.60M) flagged on cross-source divergence; MIM (score 37, $32.03M) drifted on pool balance. Neither is large enough to move the needle alone, but the direction is one-way. The Bank Run Gauge sits at 39.6, healthy, though syrupUSDT quietly minted $100M in a single day.
KAU and KAG both resolved their depegs, the former snapping back from 913 bps on nearly $400M in market cap. That cleanup helps PSI, but USDT's daily reversal against its weekly grain is the kind of friction that precedes something, or nothing at all.
Read on Pharos →
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The @PharosWatchBot has been updated to offer more granularity in your alerting settings: feel free to take those new features for a spin and report if any issue arises.
USDC Touches Its Ceiling
PSI slipped to 93.2, its lowest since March 9, breaking a streak that barely lasted 3 days in BEDROCK. The decline is modest, but the direction matters: severity ticked to 0.16, breadth widened to 6.9, and 16 coins migrated from CALM to WATCH in the DEWS bands overnight. That reshuffling, from 82/53 to 98/38, looks tidy until you notice the ALERT count held at 3 while the watchlist compressed. Tension is consolidating, not dissipating.
USDC at $78.70B sits within 0.01% of its all-time high, yet yesterday it shed $17.83M against a $1.63B weekly gain. USDS mirrored the reversal, dropping $16.66M on a day when its weekly pace was $1.27B. Two of the three largest growth stories of the week hit the brakes on the same day. USDT, by contrast, added $60.10M and kept accelerating.
The 28 blacklist events totaling $13.93M in USDT are housekeeping, not drama. The real question is whether USDC's approach to its $78.71B ATH acts as a ceiling or a milestone. Last time a major stablecoin stalled at its peak supply, the pause lasted exactly long enough for everyone to stop watching.
Read on Pharos →
PSI slipped to 93.2, its lowest since March 9, breaking a streak that barely lasted 3 days in BEDROCK. The decline is modest, but the direction matters: severity ticked to 0.16, breadth widened to 6.9, and 16 coins migrated from CALM to WATCH in the DEWS bands overnight. That reshuffling, from 82/53 to 98/38, looks tidy until you notice the ALERT count held at 3 while the watchlist compressed. Tension is consolidating, not dissipating.
USDC at $78.70B sits within 0.01% of its all-time high, yet yesterday it shed $17.83M against a $1.63B weekly gain. USDS mirrored the reversal, dropping $16.66M on a day when its weekly pace was $1.27B. Two of the three largest growth stories of the week hit the brakes on the same day. USDT, by contrast, added $60.10M and kept accelerating.
The 28 blacklist events totaling $13.93M in USDT are housekeeping, not drama. The real question is whether USDC's approach to its $78.71B ATH acts as a ceiling or a milestone. Last time a major stablecoin stalled at its peak supply, the pause lasted exactly long enough for everyone to stop watching.
Read on Pharos →
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🪦 A stablecoin has fallen!
Low demand, long goodbye
Cause of death: Abandoned
Died: 2026-02
Peak mcap: $2.97M
The cemetery remains a growth sector.
Enter the cemetery →
CNHT Tether CNHLow demand, long goodbye
Cause of death: Abandoned
Died: 2026-02
Peak mcap: $2.97M
The cemetery remains a growth sector.
Enter the cemetery →
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Two New Alerts, Zero Panic
PSI reads 91.9, BEDROCK for a fourth straight day, last dipping below this level on March 11. That composure looks increasingly theatrical given what's stirring underneath: SUSD and USDA both escalated from WATCH to ALERT in the last 24 hours, both flagged for cross-source divergence, pushing the ALERT count from 2 to 4. USDA at $270.84M is the one worth watching; SUSD at $41.73M less so.
PYUSD printed $56.75M in net mints yesterday, a pressure score of 100 against its 30-day baseline. RLUSD added another $32.99M. Both are accelerating into a market that added $4.04B in seven days, yet USDC, USDS, and DAI all reversed to net negative yesterday after absorbing the bulk of that weekly gain. USDC sits $10M lighter on the day despite being functionally at its all-time high of $78.85B.
Four ALERT-band coins under a BEDROCK index is the kind of contradiction that resolves itself eventually. The question is which layer blinks first.
Read on Pharos →
PSI reads 91.9, BEDROCK for a fourth straight day, last dipping below this level on March 11. That composure looks increasingly theatrical given what's stirring underneath: SUSD and USDA both escalated from WATCH to ALERT in the last 24 hours, both flagged for cross-source divergence, pushing the ALERT count from 2 to 4. USDA at $270.84M is the one worth watching; SUSD at $41.73M less so.
PYUSD printed $56.75M in net mints yesterday, a pressure score of 100 against its 30-day baseline. RLUSD added another $32.99M. Both are accelerating into a market that added $4.04B in seven days, yet USDC, USDS, and DAI all reversed to net negative yesterday after absorbing the bulk of that weekly gain. USDC sits $10M lighter on the day despite being functionally at its all-time high of $78.85B.
Four ALERT-band coins under a BEDROCK index is the kind of contradiction that resolves itself eventually. The question is which layer blinks first.
Read on Pharos →
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USDC Touches Its Ceiling
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.
Read on Pharos →
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.
Read on Pharos →