---
title: "apxUSD Clears 3,159 bps, Then Slips Again"
canonical: "https://pharos.watch/digest/2026-10-05-weekly/"
datePublished: "2026-10-05T08:10:00.000Z"
description: "apxUSD ended a 3,159 bps depeg after 2,527 hours on 2026-09-30, then opened a 111 bps gap by 2026-10-03. USDC led supply declines on all seven days as total cap"
---

# apxUSD Clears 3,159 bps, Then Slips Again

## Executive Summary

apxUSD ended a 3,159 bps depeg after 2,527 hours on 2026-09-30, then opened a 111 bps gap by 2026-10-03. USDC led supply declines on all seven days as total cap rose 0.81%.

## Extended

apxUSD closed a 3,159 bps discount on 2026-09-30 after 2,527 hours below peg, the week's largest depeg by market impact at 990.4 on a $313.53M market cap. The recovery lasted about three days. On 2026-10-03 apxUSD logged a 122 bps episode that resolved after 54 hours and a fresh 111 bps gap that stayed active, and DEWS moved the coin from CALM to WATCH at a score of 18 on cross-source divergence. PSI went from 94 to 93, with a low of 92.6 on 2026-10-03, and stayed in BEDROCK on all seven days.

USDe carried the most persistent flag. It posted a yield warning on all seven daily readings, between 4.91% and 5.12% APY on a market cap near $4.91B, and each reading was tagged opportunity-evidence-missing. USDe also printed -100 mint/burn intensity on three consecutive days from 2026-09-29, with net burns of $27.38M, $11.50M and $36.75M. Those three burns total $75.63M, under 2% of USDe supply, and the inputs do not show whether they reflect redemptions or routine issuer operations.

Depeg counts moved against the apxUSD story. Active observations fell to 138 from 157 while unique signals rose to 13 from 8, so the week produced more distinct breaks and fewer repeat readings of old ones. The standing cases, USDA at 3,098 bps on $145.58M and pmUSD at 5,524 bps on $42.37M, both predate 2026-09-29. Blacklist activity rose to 168 events and $36.04M from 136 and $26.17M, led by a $6.03M USDT action on Tron on 2026-10-01.

Aggregate market cap rose 0.81% to $323.27B, although USDC was the largest supply mover on all seven daily readings. Every one of those USDC readings was negative, ranging from -$942.45M to -$2.28B on 2026-10-02. The figures measure USDC token contraction; they do not establish redemptions or capital flight. The Bank Run Gauge bottomed at -23.6 on 2026-10-01, and its midpoint fell to -11.8 from -1.2 the prior week. Grade transitions held at 0 for a second week.

The week's daily triggers scored 3 hits against 13 misses, a 19% hit share, with 2 pending and 3 unavailable for lack of evidence. Next week will show whether apxUSD's active 111 bps gap closes; a reading wider than 122 bps or a DEWS score above 18 would point the other way. A sixth straight USDe reading above 5% APY without corroborating evidence would keep that flag on the leaderboard.