---
title: "USDS Drops 13 Points On Flat TVL"
canonical: "https://pharos.watch/digest/2026-06-26/"
datePublished: "2026-06-26T08:06:53.000Z"
description: "USDS, PYUSD, and RLUSD lost a combined 34 liquidity-score points in one session without losing meaningful TVL. Pool composition is drifting while the dollars st"
---

# USDS Drops 13 Points On Flat TVL

## Executive Summary

USDS, PYUSD, and RLUSD lost a combined 34 liquidity-score points in one session without losing meaningful TVL. Pool composition is drifting while the dollars stay put; PSI at 89.8, lowest in three days.

## Extended

USDS liquidity score fell 13 points to 61 while TVL ticked up from $201.25M to $201.48M, and supply accelerated to +$40.80M in a day on top of +$19.91M for the week. PYUSD lost 12 points on $186.93M TVL. RLUSD lost 9 on $81.42M. Three of the largest non-USDT/USDC names lost DEX depth scoring on the same session without losing the dollars.

The mechanical reading is composition drift, not capital flight. Pool-balance scores penalize asymmetry, and three balanced books deteriorated together while syrupUSDC (+11) and USD0 (+15) moved the other way, so the venue is functioning. PSI slipped to 89.8 [STEADY], its lowest in three days, with breadth at 8.56 and 11 names parked in DEWS ALERT.

**Background noise** RUSD sits 8997 bps below peg on $250M of mcap, and the Bank Run Gauge swung from +6.2 to -20.1 [CAUTIOUS] in 24 hours behind $287M of net ethereum mint/burn outflow. If PSI breaks 87 at tomorrow's snapshot, the regime line stops being STEADY and starts being active deterioration; that is the number to watch, not the depeg already priced in.