---
title: "USTB Adds Its Entire Market Cap"
canonical: "https://pharos.watch/digest/2026-09-02/"
datePublished: "2026-09-02T08:06:02.000Z"
description: "USTB's 7d supply change is +$637.75M, matching its entire current market cap and doubling its prior weekly record. The whole market added $477.16M over the same"
---

# USTB Adds Its Entire Market Cap

## Executive Summary

USTB's 7d supply change is +$637.75M, matching its entire current market cap and doubling its prior weekly record. The whole market added $477.16M over the same week.

## Extended

USTB's supply series shows +$637.75M over seven days, a figure identical to its current market cap of $637.75M and roughly double its previous largest weekly change of $321.57M, recorded 10 days ago. The match between the weekly move and the full float points to a series that restarted rather than $638M of fresh issuance. Either reading leaves USTB 40% below its $1.06B peak from 20 May.

The whole stablecoin market added $477.16M over the same week, so one issuer's seven days exceeded the market's by $161M. The offsets are visible elsewhere: USDG has shed $178.20M over the week, $126.31M of that in the past day, and BUIDL is down $49.73M in a day. Total supply of $318.04B sits 0.31% below the Digest-window high set four days ago.

At the top of the tape, day flows run the other way. USDC added $214.70M in 24 hours against a flat week, USDe added $112.50M on $61.14M of net mints, and PYUSD lost $91.48M with mint/burn pressure at -100 versus its 30-day baseline. The Bank Run Gauge recovered to 23.8 from -26.1 yesterday.

**Peg tape** Nineteen depegs remain active. apxUSD narrowed to 324 bps below par at $0.967, day 78 after the STRC drawdown that took it near $0.89. USDA widened from 460 to 504 bps, and DEWS holds seven names at ALERT after ALUSD was promoted from WATCH on cross-source divergence. PSI is unchanged at 91.6, its 71st day in BEDROCK. A second USDC session above $270M would mark rotation rather than a one-day rebalance.