---
title: "pmUSD Halves With No Exit Route"
canonical: "https://pharos.watch/digest/2026-09-18/"
datePublished: "2026-09-18T08:05:54.000Z"
description: "pmUSD trades at $0.495, 5049 bps below par and 536 bps wider than the previous edition, on an F safety score of 0 with no supported redemption route. USDC shed "
---

# pmUSD Halves With No Exit Route

## Executive Summary

pmUSD trades at $0.495, 5049 bps below par and 536 bps wider than the previous edition, on an F safety score of 0 with no supported redemption route. USDC shed $1.05B in a day against a $353M weekly net.

## Extended

pmUSD trades at $0.495, 5049 basis points below par and 536 bps wider than at the previous edition. The token carries an F safety score of 0 under V9 methodology, with an exit component of 35 and no supported same-notional redemption route, which is the mechanical reason a deviation running 139 days has not closed. Market cap is $46.53M against a peak deviation of 6902 bps.

USDC redeemed $1.05B in a single day against a net decline of $353.13M over seven days, so mints earlier in the week absorbed most of the gross outflow. Supply now stands at $73.86B, 7% below the $79.75B high set on 11 April. Total stablecoin market cap is $318.22B, up $16.84M on the week and 0.47% under the Digest-window record.

PSI ticked up a tenth to 92.3 and extended its BEDROCK streak to 87 days, which is what a $46.53M dislocation looks like inside a $318.22B market. DEWS counted 5 ALERT bands against 4 yesterday; USDA widened from 888 to 974 bps and scores ALERT 39 on cross-source divergence of 100. XAUT added $27.49M in a day on a $76.78M week. A single session above $35M would move gold-linked supply from drift into rotation.