---
title: "KAU Returns, Briefly"
canonical: "https://pharos.watch/digest/2026-03-08/"
datePublished: "2026-03-08T08:00:31.000Z"
description: "PSI 89.7, STEADY. KAU recovered from 606 bps in 15h on $420M, then re-depegged to 913 bps. USDC and USDT both reversed to net negative yesterday after a combine"
---

# KAU Returns, Briefly

## Executive Summary

PSI 89.7, STEADY. KAU recovered from 606 bps in 15h on $420M, then re-depegged to 913 bps. USDC and USDT both reversed to net negative yesterday after a combined $2.44B weekly gain. PYUSD moved the other direction.

## Extended

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.