---
title: "USDC Touches Its Ceiling"
canonical: "https://pharos.watch/digest/2026-03-11/"
datePublished: "2026-03-11T08:05:55.000Z"
description: "USDC stalled $10M short of its $78.71B ATH while PSI dipped to 93.2, its lowest since March 9. Two growth stories hit the brakes on the same day."
---

# USDC Touches Its Ceiling

## Executive Summary

USDC stalled $10M short of its $78.71B ATH while PSI dipped to 93.2, its lowest since March 9. Two growth stories hit the brakes on the same day.

## Extended

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.