---
title: "Market Down $880M, USDC $837M"
canonical: "https://pharos.watch/digest/2026-09-16/"
datePublished: "2026-09-16T08:05:47.000Z"
description: "Total stablecoin supply fell $880.53M over seven days; USDC alone fell $837.39M to $73.79B. The Bank Run Gauge moved from 0 to -41 STRESS, and USDS lost $195M i"
---

# Market Down $880M, USDC $837M

## Executive Summary

Total stablecoin supply fell $880.53M over seven days; USDC alone fell $837.39M to $73.79B. The Bank Run Gauge moved from 0 to -41 STRESS, and USDS lost $195M in one day against a $164M week.

## Extended

USDC shed $837.39M over seven days, leaving $73.79B, and the entire stablecoin market shed $880.53M in the same window. One issuer therefore accounts for 95% of a market-wide contraction that still leaves total supply at $318.61B, 0.35% below the Digest-window high set ten days ago. The redemption is large in isolation and small against USDC's own record week of $6.55B.

The Bank Run Gauge moved from 0 to -41 and into STRESS, its weakest print in the seven-day trajectory, with no flight-to-quality flag attached. Ethereum carried -$583.84M of net flow. EURC redeemed $9.81M net and fxUSD $3.59M against their 30-day baselines, while BOLD took in $2.50M. USDS lost $195.16M in a single day, exceeding its $164.09M seven-day decline.

**Peg tape**

Nineteen depegs remain active. pmUSD trades at $0.486, 5142 bps below peg and narrower than yesterday's 5485 bps. apxUSD widened to 269 bps at $0.973, unresolved since the June 2 STRC drawdown first took it to about $0.89. DEWS counts five ALERT names after EURm crossed up from WATCH on cross-source divergence. Next trigger: another $245M single-day USDS redemption, which would move that outflow from drift to rotation.