---
title: "SyrupUSDC Gains Depth Mid-Burn"
canonical: "https://pharos.watch/digest/2026-05-31/"
datePublished: "2026-05-31T08:08:02.000Z"
description: "syrupUSDC's liquidity score climbed 46 to 60 while $8.26M burned and mint pressure scored -100; FDUSD inverted, score dropped 42 to 24 on fresh TVL."
---

# SyrupUSDC Gains Depth Mid-Burn

## Executive Summary

syrupUSDC's liquidity score climbed 46 to 60 while $8.26M burned and mint pressure scored -100; FDUSD inverted, score dropped 42 to 24 on fresh TVL.

## Extended

syrupUSDC's liquidity score climbed from 46 to 60 on $1.39B of float, even as $8.26M burned yesterday and mint/burn pressure ranked -100 against its 30-day baseline. Improved exit capacity alongside shrinking supply is the mixed signal that flatters the survivors. FDUSD inverted the pattern: score dropped 42 to 24 despite TVL multiplying from $233K to $4.54M, a reminder that depth concentration is not depth.

DEWS holds 8 ALERT coins carrying $2.88B in market cap, and pmUSD widened from 1650 to 2077 bps off peg, its sharpest single-day deterioration since the depeg began 703 hours ago. SUSD pushed wider to 3061 bps. XAUT's APY collapsed to 0.84% against a 30-day average of 3.34%, while PAXG's climbed to 7.15%. Two gold proxies, opposite incentive trajectories on the same trading day.

PSI sits at 94.1, 68 days into a BEDROCK streak with no break since 2026-05-14. If XAUT's yield stays below 1% into tomorrow's snapshot, its ALERT score (already 36) starts corroborating rather than complementing the liquidity story. USDA at 164 bps is the cleaner trigger: 200 bps reclassifies it from background hum to active peg-stress signal.