---
title: "Quiet Money, Busy Custodians"
canonical: "https://pharos.watch/digest/2026-02-25/"
datePublished: "2026-02-25T12:13:41.000Z"
description: "PSI holds at 94 in BEDROCK, but 5 freeze events in 24 hours suggest the plumbing is more active than the price feeds let on."
---

# Quiet Money, Busy Custodians

## Executive Summary

PSI holds at 94 in BEDROCK, but 5 freeze events in 24 hours suggest the plumbing is more active than the price feeds let on.

## Extended

USDC absorbed essentially the entire $1.37B weekly inflow on its own, adding $1.39B to reach $74.94B — meaning the rest of the $313.82B market, collectively, shrank. The 11 active depeg events sound alarming until you check the names: EURS at 867 bps sounds dramatic on a $8.65M float, which is roughly the market impact of a rounding error on USDT. Nothing broke today. Whether that calm is earned or borrowed is the only interesting question.