---
title: "Treasuries Shed Supply, Then Grade"
canonical: "https://pharos.watch/digest/2026-09-21/"
datePublished: "2026-09-21T08:05:24.000Z"
description: "BUIDL is down $421.81M in seven days to $2.31B, 37% below its July peak, while USTB slid from B (71) to C (58) on $526.73M. Total stablecoin supply barely moved"
---

# Treasuries Shed Supply, Then Grade

## Executive Summary

BUIDL is down $421.81M in seven days to $2.31B, 37% below its July peak, while USTB slid from B (71) to C (58) on $526.73M. Total stablecoin supply barely moved at $318.94B.

## Extended

BUIDL has shed $421.81M over seven days to $2.31B, leaving BlackRock's tokenized treasury fund 37% below the $3.69B it carried on 13 July. The withdrawal left no mark on the aggregate: total stablecoin supply sits at $318.94B, up $570.67M on the week and 0.24% under its Digest-window high. USDC added $901.94M in one day, most of its $990.59M weekly gain.

**Grade movers** USTB fell from B (71) to C (58) across $526.73M of supply in the last 48 hours, with backing scored at 76.6 against an exit score of 42.5. ONyc went from D (48) to unrated on $105.78M, cited for insufficient evidence and missing reserve composition. BUIDL itself holds a C (55), capped at that level by unresolved bridge control identity rather than by backing, which scores 76.2.

pmUSD sits 5,134 bps below peg at $0.487 on $45.70M of supply, day 142 and unchanged. apxUSD trades at $0.980, 194 bps off, unresolved since the June STRC drawdown. DEWS counts five ALERT coins against seven yesterday, and PSI reads 92.3 on its 90th consecutive BEDROCK day. USDe gave back $7.90M in a session against a $265.54M weekly build; a $10M single-day move would reclassify that drift as rotation.