---
title: "USDC Down $316M, Cap Holds"
canonical: "https://pharos.watch/digest/2026-09-13/"
datePublished: "2026-09-13T08:05:39.000Z"
description: "USDC's supply fell $315.77M over seven days to $74.40B while total stablecoin cap rose $142M to $319.63B, within 0.03% of its Digest-window high. Three new mint"
---

# USDC Down $316M, Cap Holds

## Executive Summary

USDC's supply fell $315.77M over seven days to $74.40B while total stablecoin cap rose $142M to $319.63B, within 0.03% of its Digest-window high. Three new mint/burn pressure shifts landed overnight.

## Extended

USDC's supply fell $315.77M over the past seven days to $74.40B, the largest weekly decline on the tape and roughly 7% below its $79.75B peak set on 11 April. Total stablecoin market cap finished the same week $142.14M higher at $319.63B, within 0.03% of the Digest-window record set seven days ago. On the aggregate numbers, that money rotated rather than left.

Three mint/burn pressure shifts entered the candidate set overnight. stUSDS ran -100 intensity against its 30-day baseline on -$5.76M net; USD1 and M both ran +100, on +$4.50M and +$999.92K respectively. The Bank Run Gauge improved to -8.6 and reads NEUTRAL, up from -22.8, with flight-to-quality inactive. Ethereum accounted for +$154.37M of net 24h chain flow.

PYUSD's contraction continued at -$6.63M on the day against -$149.58M over the week, decelerating. DAI and USDS both reversed: DAI +$14.28M in a day versus -$36.24M on the week, USDS -$7.60M versus +$75.68M. PSI held at 92.6 for an 82nd consecutive BEDROCK day, its severity carried by LUSD at 97 bps, EURS at 266 bps and VNXAU at 330 bps, none above $30M in market cap.

**Peg tape**
Peg stress is unchanged where it counts: pmUSD sits 4,517 bps below peg at $0.548 on $51.54M, and apxUSD is 217 bps out at $0.978, unresolved since the STRC drawdown drove it to about $0.89 in June. DEWS now counts 7 ALERT coins against 6 yesterday. If USDC's seven-day move clears $350M of contraction at the next snapshot, the rotation has follow-through; DAI and USD1 are where the offsetting flow has landed so far.