---
title: "USDC's Week Undone In A Day"
canonical: "https://pharos.watch/digest/2026-09-20/"
datePublished: "2026-09-20T08:05:23.000Z"
description: "A $1.09B single-day outflow against a seven-day net of -$76.01M: the prior six sessions had added roughly $1B. Total cap held at $318.76B. Another $1B day turns"
---

# USDC's Week Undone In A Day

## Executive Summary

A $1.09B single-day outflow against a seven-day net of -$76.01M: the prior six sessions had added roughly $1B. Total cap held at $318.76B. Another $1B day turns drift into rotation.

## Extended

USDC shed $1.09B of supply in a single day, against a seven-day net change of only -$76.01M. The arithmetic implies the preceding six sessions added close to $1.0B, so one session unwound a week of accumulation. Total stablecoin market cap held at $318.76B, up $233.38M over the week and 0.30% below the Digest-window high set 14 days ago.

PSI printed 92.2, down from 92.7 and the lowest reading since 14 September, with the 89-day BEDROCK streak intact. Severity of 0.04 still comes from small caps: LUSD at 106 bps on $26.41M, VCHF at 625 bps on $2.66M. DEWS ALERT membership went from four coins to seven, led by VCRED at score 52 on price confidence and liquidity erosion.

pmUSD widened again to 5,124 bps below peg at $0.488, day 141, with no supported same-notional redemption route in its V9 file. USDT's best quoted yield of 4.82% sits above its 4.68% seven-day average and carries a TVL-outflow flag; the 24-hour mint and burn record shows nothing on USDT to corroborate it.

The next test is USDC itself. A second session of $1B or more leaving would confirm rotation rather than a single redemption batch, and the Bank Run Gauge at -11.8 has room before flow stress becomes the larger story. BUIDL's -$421.81M week, now $2.31B and 37% below its July high, remains the largest seven-day contraction.