---
title: "PMUSD Deviation Widens 920 Basis Points"
canonical: "https://pharos.watch/digest/2026-09-15/"
datePublished: "2026-09-15T08:05:46.000Z"
description: "PMUSD trades at $0.452, 5,485 bps below peg after widening 920 bps since the previous edition, with $48.06M of float marked at less than half. Above it, USDe ad"
---

# PMUSD Deviation Widens 920 Basis Points

## Executive Summary

PMUSD trades at $0.452, 5,485 bps below peg after widening 920 bps since the previous edition, with $48.06M of float marked at less than half. Above it, USDe added $291.27M on the week and PSI printed 92.6.

## Extended

PMUSD traded at $0.452 in the latest sample, 5,485 bps below peg and 920 bps wider than the 4,565 bps carried in the previous edition. The float is $48.06M and the episode is now 3,271 hours old, with a peak deviation of 6,902 bps still above today's print. Pharos grades PMUSD F at 0, exit capacity 35, on an unsupported same notional redemption route.

**Where the flow went**

Above that line, the session was about allocation. USDe added $291.27M over seven days to $4.68B, including $75.95M of net mints in 24 hours at maximum pressure intensity versus its 30-day baseline. PYUSD reversed in a single day, +$101.34M against a weekly figure of -$16.01M. Ethereum took +$277.04M net. The Bank Run Gauge read 0 with no flight-to-quality flag.

PSI printed 92.6 against 92.2 yesterday, an 84th consecutive BEDROCK day, with severity at 0.04 because the 19 active depegs sit in small caps: LUSD, 100 bps on $26.44M, is the top severity contributor. DEWS cut its WATCH count from 106 to 90 and held ALERT at five, VCRED highest at score 50. If USDe's seven-day supply move clears $330M at the next snapshot, the mint side has follow-through; a PMUSD print at 6,325 bps would mark the next step down.