---
title: "USDC's Weekly Burn Slows"
canonical: "https://pharos.watch/digest/2026-10-03/"
datePublished: "2026-10-03T08:05:28.000Z"
description: "USDC is down $1.20B on the week but removed only $53.75M in the latest day, while total stablecoin market cap reached $322.03B. Next trigger: apxUSD reaching 15"
---

# USDC's Weekly Burn Slows

## Executive Summary

USDC is down $1.20B on the week but removed only $53.75M in the latest day, while total stablecoin market cap reached $322.03B. Next trigger: apxUSD reaching 150 bps off peg, from 111 now.

## Extended

USDC supply fell $1.20B over seven days to $74.27B, yet the latest day removed only $53.75M. USDC is now 7% below its April 11 high of $79.75B. Total stablecoin market cap still rose $434.84M on the week to $322.03B, above the $321.94B Digest-window high set a day earlier. On a baseline covering 235 of 247 core coins, other tokens therefore added roughly $1.6B net.

The Bank Run Gauge read 1.2, neutral, after -17.8 a day earlier and -27.6 on September 28, with no flight-to-quality flag. Ethereum logged $150.77M of net mints over 24 hours. USDf net minted $16.86M and USDe net burned $11.61M; each reading sits at the extreme of its pressure scale against a 30-day baseline. Those figures measure token supply and do not establish redemptions.

DEWS counts 10 coins at ALERT or worse, up from 4 yesterday. pmUSD widened to 5,524 bps below peg from 5,411, and USDA, with a $145.56M market cap and no live price, holds a stored peak deviation of 3,098 bps. apxUSD, a $310.77M coin graded F, reopened a depeg two hours ago and trades at $0.989, 111 bps below peg. A move to 150 bps would make it the next peg-stress lead.