---
title: "USDC Sheds While Gold Fills"
canonical: "https://pharos.watch/digest/2026-03-25/"
datePublished: "2026-03-25T08:06:17.000Z"
description: "USDC bled $868.51M in 7 days while PAXG and XAUT pulled gold flows to max pressure. PSI steady at 87.9, but the gauge at -35.7 says capital is rotating, not res"
---

# USDC Sheds While Gold Fills

## Executive Summary

USDC bled $868.51M in 7 days while PAXG and XAUT pulled gold flows to max pressure. PSI steady at 87.9, but the gauge at -35.7 says capital is rotating, not resting.

## Extended

PSI holds at 87.9, marking 5 consecutive days in the STEADY band after sliding from 94.1 BEDROCK last Tuesday. That 6.2 point drop over a week has stabilized, not reversed. The Bank Run Gauge sits at negative 35.7, its most cautious reading since March 21, while total stablecoin market cap has quietly shed $617.88M over 7 days to $325.24B.

**Capital Rotation** USDC lost $868.51M in a single week, its largest outflow in months, dragging it 1% below its $79.58B all-time high set just 7 days ago. gold-backed tokens are pulling in the opposite direction: XAUT reversed from negative $155.65M over 7 days to a $37.52M single-day mint, and PAXG posted $31.25M in net inflows, hitting the maximum 100 pressure score against its 30-day baseline. The flows tell a story the headline PSI does not: capital is not leaving stablecoins, it is changing its mind about what safety looks like.

**Stress Beneath the Surface** DEWS band distribution shifted from 74 CALM yesterday to 66 today, with WATCH climbing from 60 to 66 and ALERT from 8 to 11. GYD at ALERT 55 with cross-source divergence at 98 and pool balance drift at 87 on a $26.56M coin is not systemic, but USDA at ALERT 39 on $266.70M with liquidity erosion at 79 is worth watching. RLUSD meanwhile dumped $49.60M in a single day, scoring negative 100 against its baseline, while its yield crept to 1.07% against a 0.89% 30-day average. The CAUTIOUS gauge, 69 blacklist events freezing $14.86M in USDT, and 13 active depegs make this calm feel borrowed.