---
title: "MSUSD Slips Below Fifty Cents"
canonical: "https://pharos.watch/digest/2026-09-03/"
datePublished: "2026-09-03T08:06:09.000Z"
description: "MSUSD widened 927 bps in a day to 5,070 bps off peg, $0.493 on $23.7M of supply, Safety score 0. RLUSD added $271M in a week and lost eight points of DEX liquid"
---

# MSUSD Slips Below Fifty Cents

## Executive Summary

MSUSD widened 927 bps in a day to 5,070 bps off peg, $0.493 on $23.7M of supply, Safety score 0. RLUSD added $271M in a week and lost eight points of DEX liquidity score while its pool TVL rose.

## Extended

MSUSD trades at $0.493, 5,070 basis points below peg and 927 bps wider than the previous edition, within 491 bps of its 5,561 bps peak. Its Pharos Safety score (V9, 3 September) reads 0: no published reserve composition, no same-notional redemption route. pmUSD widened on the same tape, to 4,953 bps at $0.505. Two coins holding $71.1M between them are now trading near half of par.

**Supply and depth.** RLUSD added $270.73M over seven days to $2.38B, a market cap at its Digest-window high and short of the record $360.84M week set ten days ago. Its DEX liquidity score fell from 56 to 48 while pool TVL rose 1.9% to $154.56M on mixed coverage; the TVL change alone accounts for roughly +0.1 points, so the composite decline came from the other components.

PSI reads 91.7, a 72nd consecutive day in BEDROCK, with severity at 0.03 despite 19 active depegs; the index weights by market cap and the stressed names are small. Four coins sit at ALERT in DEWS, none above $31M. PYUSD ran $54.40M of net flow in 24 hours at maximum pressure intensity: if the Bank Run Gauge drops from -10.1 to -20, flow stress replaces peg stress as the lead signal.