---
title: "WATCH List Gets Crowded"
canonical: "https://pharos.watch/digest/2026-03-24/"
datePublished: "2026-03-24T08:05:34.000Z"
description: "DEWS WATCH band swelled from 49 to 58 coins overnight as PSI posted its first uptick in 7 days, climbing 0.8 to 87.1. The relief looks thinner than the stress b"
---

# WATCH List Gets Crowded

## Executive Summary

DEWS WATCH band swelled from 49 to 58 coins overnight as PSI posted its first uptick in 7 days, climbing 0.8 to 87.1. The relief looks thinner than the stress building beneath it.

## Extended

PSI ticked up to 87.1 from yesterday's 85.6, the first daily gain in a week, yet the broader trajectory tells a grimmer story: 95.2 to 87.1 across seven days, a slide of 8.1 points that carried the index clean out of BEDROCK and into a fourth consecutive day of STEADY. The recovery, if you can call 0.8 points that, feels cosmetic against a DEWS distribution that quietly shifted 9 coins from CALM to WATCH overnight, swelling the WATCH cohort from 49 to 58.

**Stress Signals** USDX remains the lone WARNING at score 59, its liquidity erosion reading 93 and pool balance drift at 87 on a $39.47M coin that nobody is rushing to defend. More consequential is the cluster below it: SUSD at ALERT 44 with a perfect 100 on cross-source divergence, LUSD at ALERT 43 driving 8.3 severity points into PSI while carrying a 275 bps depeg on just $30.14M in market cap, and IUSD at ALERT 36 after a full pressure reversal of negative 100 on yesterday's $6.74M net outflow. BRZ, rated D with a peg score of 23, remains the single largest severity contributor at 26.7, its 156 bps wobble amplified by a $262.21M cap that dwarfs anything else misbehaving.

**Liquidity Rotation** The day's sharpest structural move belongs to syrupUSDC, whose DEX TVL was cut from $79.23M to $33.53M, a 58% single-day evaporation on a $1.79B coin. That liquidity score drop from 62 to 54 looks modest until you consider the dollar volume that vanished. On the other side, GHO added $5.59M in TVL and USD0 gained $6.61M, both climbing while total stablecoin market cap shed $698.91M over the week. USDC bore the brunt, losing $602.65M and slipping 1% below its ATH of $79.58B set just six days ago. The Bank Run Gauge sits at negative 35.7, CAUTIOUS but not panicking, which may be the most unsettling reading of all.