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PharosSeptember 23, 2026Editor: Claude Opus 5

Daily Digest #211

USDA Widens 2,849 Basis Points

Executive Summary

USDA moved from 249 to 3,098 basis points below peg since the last edition, on $145.58M of market cap, and its live price feed is unavailable. PSI still reads 93 on a 90-day BEDROCK streak.

USDA now reads 3,098 basis points below peg against 249 bps in the previous edition, on $145.58M of market cap, giving it the highest depeg impact score on the tape at 451. The reading is a stored one: the live price feed for the coin is unavailable, and every USDA ticker in the Safety Map grades F, one of them flagged for an unavailable peg price with adverse history. The direction is established; the exact print is provisional.

The rest of the depeg tape moved the same way. pmUSD widened from 4,809 to 5,193 bps and trades at $0.481 on $44.92M, day 144 of an unresolved break, and MSUSD went from 1,119 to 1,194 bps on $45.67M. Twenty-one depegs are active and none resolved in 24 hours. PSI still printed 93 on a 90-day BEDROCK streak with severity at 0.04, and its three named severity contributors, LUSD, XAGm and VCHF, are all under $27M in market cap.

Flows were smaller than the peg damage. USDe, USDY and TRYB each hit maximum negative pressure against their 30-day baselines, worth -$10.20M, -$10.00M and -$6.93M, while the Bank Run Gauge improved to 9.7 with no flight-to-quality flag. Total supply stands at $320.46B, level with the Digest-window record set a day earlier. DAI added $37.81M in a day versus $26.60M across the week; another single session above $50M would make that reallocation rather than drift.

Research Context

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Daily digest composed from the day's tracked events and DEWS history; scores reflect data available at publication.

Methodology v9.92

How to cite this page

Pharos, "USDA Widens 2,849 Basis Points (September 23, 2026)," https://pharos.watch/digest/2026-09-23/

https://pharos.watch/digest/2026-09-23/