---
title: "USDC Sheds $942M In A Week"
canonical: "https://pharos.watch/digest/2026-09-29/"
datePublished: "2026-09-29T08:06:14.000Z"
description: "USDC's supply fell $942.45M in seven days while total stablecoin market cap moved only $29.40M. XAUT added $483.73M in a single day. Next trigger: a $605M XAUT "
---

# USDC Sheds $942M In A Week

## Executive Summary

USDC's supply fell $942.45M in seven days while total stablecoin market cap moved only $29.40M. XAUT added $483.73M in a single day. Next trigger: a $605M XAUT day.

## Extended

USDC's supply fell $942.45M over seven days to $74.80B, the largest weekly move on the board, while total stablecoin market cap slipped only $29.40M in the same window. On that baseline, which covers 242 of 247 core coins, the other tokens added roughly $913M net. USDC now sits 6% below its $79.75B record of April 11. The burn count alone does not identify the holders behind it or their reasons.

XAUT added $619.60M over the week, and $483.73M of that arrived in a single day, clearing the $340M one-day mark set in the previous edition. Ethereum carried +$464.78M of net mint/burn flow over 24 hours, consistent with that issuance, though the chain figure does not name the token. USDS reversed, shedding $22.49M on the day after adding $157.60M across the week.

The Bank Run Gauge recovered to -16.4 from -27.6 and remains CAUTIOUS. USDe netted -$27.38M and USD3 +$16.92M, each at the limit of its 30-day pressure scale. USDA stays critical on a stored 3,098 bps reading with no live price available. Next trigger: an XAUT one-day move of $605M or more would turn a steady supply climb into a rotation-scale move, and a USDC weekly decline past $1B would give the contraction follow-through.