Tether Enforces, Gold Climbs
PSI sits at 95 in BEDROCK for the second consecutive session, severity 0.04, breadth 5.46, trend inching upward by 0.46 — the market equivalent of a sleeping dog that twitches its ear. PAXG leads the depeg table at 339 bps on $2.62B, which is the only number in the active list large enough to earn a second look; EURS at 919 bps on $8.64M remains the statistical equivalent of a car alarm nobody disables. The more revealing story is directional: USDC reversed course yesterday, shedding $60.41M after a $760.64M weekly build, while USD1 did the opposite, adding $2.91M after hemorrhaging $339.11M across the week — both coins mid-pivot, neither explaining itself. XAUT and PAXG are both accelerating into gold, which is either a macro hedge or the market quietly deciding that C+ and B- safety scores are preferable to whatever comes next. BUIDL added $50.17M yesterday against a modest weekly base of $18.48M, which is the kind of acceleration that suggests institutional money moving with intention rather than drift. On Tether's enforcement desk: four blacklist events on Tron totaling $1.467M and one $581.76K destroy on Ethereum, all while USDT grew $950.72M this week to $183.57B — the largest stablecoin issuer remains its own most active compliance officer, a role it performs without apparent irony.
Read on Pharos →
PSI sits at 95 in BEDROCK for the second consecutive session, severity 0.04, breadth 5.46, trend inching upward by 0.46 — the market equivalent of a sleeping dog that twitches its ear. PAXG leads the depeg table at 339 bps on $2.62B, which is the only number in the active list large enough to earn a second look; EURS at 919 bps on $8.64M remains the statistical equivalent of a car alarm nobody disables. The more revealing story is directional: USDC reversed course yesterday, shedding $60.41M after a $760.64M weekly build, while USD1 did the opposite, adding $2.91M after hemorrhaging $339.11M across the week — both coins mid-pivot, neither explaining itself. XAUT and PAXG are both accelerating into gold, which is either a macro hedge or the market quietly deciding that C+ and B- safety scores are preferable to whatever comes next. BUIDL added $50.17M yesterday against a modest weekly base of $18.48M, which is the kind of acceleration that suggests institutional money moving with intention rather than drift. On Tether's enforcement desk: four blacklist events on Tron totaling $1.467M and one $581.76K destroy on Ethereum, all while USDT grew $950.72M this week to $183.57B — the largest stablecoin issuer remains its own most active compliance officer, a role it performs without apparent irony.
Read on Pharos →
pharos.watch
Daily Digest: February 28, 2026 | Pharos
Gold Moves, Cops Busy
XAUT +$222M and PAXG +$73M yesterday, both accelerating. USDT hit $183.56B while running 7 blacklist actions on $2.07M. PSI 95, BEDROCK.
XAUT +$222M and PAXG +$73M yesterday, both accelerating. USDT hit $183.56B while running 7 blacklist actions on $2.07M. PSI 95, BEDROCK.
❤1
Gold Spikes, USDS Surges
PSI holds at 94.3 in BEDROCK, severity 0.31, breadth 6.27, trend inching upward by 0.85 , the kind of reading that looks like tranquility until you notice 7 of the rated coins sit below B and the median safety score across the ecosystem is a C.
The actual news today is a resolved one: KAU printed two depegs within hours of each other, 1015 bps and 783 bps on a $399.63M float, and KAG hit 605 bps on $329.84M before recovering , a tokenized gold trifecta of volatility that made XAUT's quiet $7.07M single-day outflow look almost dignified. XAUT has a B- safety score and 71 on liquidity; the gold alternatives apparently needed all 14 hours to remember what their peg was. Meanwhile USDS added $405.99M yesterday alone and is accelerating into a week where USDT reversed direction with a $85M single-day drain after adding $860.63M across seven days , two of the three largest flows in the market pointing opposite directions on the same morning.
USDT at $183.60B remains immovable as a fact and unreassuring as a B+, while USDC also drained $68.20M yesterday after a $818.56M weekly run. Something changed in the last 24 hours for both giants simultaneously. USDS, rated B at 70, apparently did not get the memo.
Read on Pharos →
PSI holds at 94.3 in BEDROCK, severity 0.31, breadth 6.27, trend inching upward by 0.85 , the kind of reading that looks like tranquility until you notice 7 of the rated coins sit below B and the median safety score across the ecosystem is a C.
The actual news today is a resolved one: KAU printed two depegs within hours of each other, 1015 bps and 783 bps on a $399.63M float, and KAG hit 605 bps on $329.84M before recovering , a tokenized gold trifecta of volatility that made XAUT's quiet $7.07M single-day outflow look almost dignified. XAUT has a B- safety score and 71 on liquidity; the gold alternatives apparently needed all 14 hours to remember what their peg was. Meanwhile USDS added $405.99M yesterday alone and is accelerating into a week where USDT reversed direction with a $85M single-day drain after adding $860.63M across seven days , two of the three largest flows in the market pointing opposite directions on the same morning.
USDT at $183.60B remains immovable as a fact and unreassuring as a B+, while USDC also drained $68.20M yesterday after a $818.56M weekly run. Something changed in the last 24 hours for both giants simultaneously. USDS, rated B at 70, apparently did not get the memo.
Read on Pharos →
KAU's Busy Week, USDT's Busy Morning
PSI rises to 92.5 in BEDROCK, up from 91.3 yesterday, with severity at 0.08 and breadth at 7.65. The market added $1.28B this week on a $317.42B base, which is the kind of growth that sounds meaningful until you notice USDC contributed $686.23M of it and then quietly reversed, shedding $74.95M yesterday alone after a week of steady accumulation.
KAU resolved three separate depegs this week, the largest at 2036 bps over 8 hours on a $411.52M float, which is the most dramatic number in today's data and also the most resolved. What remains unresolved is the supply reversal story: USDT added $106.22M yesterday after losing $5.45M across the week, USDC drained $74.95M after gaining $681.94M, and PYUSD shed $1.20M after a $121.38M weekly run. Three of the four largest stablecoins changed direction in a single day, simultaneously, which is either a coincidence or a signal, and BEDROCK does not tell you which.
The 5 blacklist events in 24 hours totaled $989.53K, led by two USDT-on-Tron freezes accounting for $953.73K between them. LUSD sits 138 bps off-peg on $31.19M with a liquidity score of 38, which is the only active depeg worth watching; a B-rated coin with near-bottom liquidity holding a modest deviation is not a crisis, it is a posture.
Read on Pharos →
PSI rises to 92.5 in BEDROCK, up from 91.3 yesterday, with severity at 0.08 and breadth at 7.65. The market added $1.28B this week on a $317.42B base, which is the kind of growth that sounds meaningful until you notice USDC contributed $686.23M of it and then quietly reversed, shedding $74.95M yesterday alone after a week of steady accumulation.
KAU resolved three separate depegs this week, the largest at 2036 bps over 8 hours on a $411.52M float, which is the most dramatic number in today's data and also the most resolved. What remains unresolved is the supply reversal story: USDT added $106.22M yesterday after losing $5.45M across the week, USDC drained $74.95M after gaining $681.94M, and PYUSD shed $1.20M after a $121.38M weekly run. Three of the four largest stablecoins changed direction in a single day, simultaneously, which is either a coincidence or a signal, and BEDROCK does not tell you which.
The 5 blacklist events in 24 hours totaled $989.53K, led by two USDT-on-Tron freezes accounting for $953.73K between them. LUSD sits 138 bps off-peg on $31.19M with a liquidity score of 38, which is the only active depeg worth watching; a B-rated coin with near-bottom liquidity holding a modest deviation is not a crisis, it is a posture.
Read on Pharos →
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
🔥3
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.