---
title: "pmUSD Widens, Gauge Turns Cautious"
canonical: "https://pharos.watch/digest/2026-09-27/"
datePublished: "2026-09-27T08:05:55.000Z"
description: "pmUSD quotes $0.444, 5,555 bps below peg against 5,349 yesterday, while the Bank Run Gauge fell to -16.7 from +20.3 on 24 September. Next trigger: a gauge print"
---

# pmUSD Widens, Gauge Turns Cautious

## Executive Summary

pmUSD quotes $0.444, 5,555 bps below peg against 5,349 yesterday, while the Bank Run Gauge fell to -16.7 from +20.3 on 24 September. Next trigger: a gauge print of -25 or lower.

## Extended

pmUSD widened to 5,555 basis points below peg, quoting $0.444 against 5,349 bps yesterday, on a $41.77M market cap that has been detached for 148 days; its Pharos card reads F, with an exit score of 35 and an unsupported same-notional redemption route. apxUSD also widened, to 181 bps at $0.982, still carrying the unresolved STRC drawdown that took it near $0.89 in June.

USDA, the largest active deviation by holder exposure at 3,098 bps on $145.58M, is unchanged. The flow side moved more. The Bank Run Gauge fell to -16.7, CAUTIOUS, down 37 points from the +20.3 recorded on 24 September. USDTB showed the sharpest shift against its 30-day baseline, intensity 100 on $14.99M of net mints; Ethereum took +$81.39M net over the 24-hour window.

USDC's +$2.15B week to $76.50B contains a -$1.20B single day. PSI at 94.3 extends a 90-day BEDROCK streak, and total stablecoin market cap of $321.56B sits just above the $320.63B high set a day earlier. DEWS alerts fell from seven to two. If the gauge prints -25 or lower at the next reading, flow stress takes over from supply rotation as the leading signal.