---
title: "USDC's Burn Slows To $13.42M"
canonical: "https://pharos.watch/digest/2026-10-11/"
datePublished: "2026-10-11T08:05:39.000Z"
description: "USDC is down $1.10B on the week, but the last day took only $13.42M while USDD net minted $199.43M. A Bank Run Gauge print of -15 or lower would shift the story"
---

# USDC's Burn Slows To $13.42M

## Executive Summary

USDC is down $1.10B on the week, but the last day took only $13.42M while USDD net minted $199.43M. A Bank Run Gauge print of -15 or lower would shift the story to flow stress.

## Extended

USDC's token supply fell $1.10B over seven days to $73.10B, the largest 7-day decrease in Pharos supply data, yet only $13.42M of that came in the latest 24 hours. The daily print is roughly one-twelfth of the week's average pace. The data records fewer tokens outstanding; it does not establish who redeemed or why. USDC now sits 8% below its April high of $79.75B.

The day's larger on-chain flow ran the other way. USDD net minted $199.43M over 24 hours, a pressure reading of 100 against its 30-day baseline and nearly 15 times USDC's daily decline. Net flow on Ethereum came to +$320.27M across tracked coins. USDe burned a net $21.61M at a reading of -100. The Bank Run Gauge printed -3, neutral, with no flight-to-quality flag.

Peg stress widened at the margin. pmUSD slipped to 3847 bps below peg at $0.615, from 3735 bps yesterday, on a $57.61M float; USDA stays 3098 bps below peg on its stored peak, with live price unavailable, across $145.56M. DEWS moved ALUSD from WATCH to ALERT on cross-source divergence, holding the ALERT count at six. PSI rose to 92.5, a second BEDROCK day.

Next trigger: a Bank Run Gauge reading of -15 or lower, a level it breached on 9 October at -19.4, would move flow stress to the front of the tape. USDD's next 24-hour print will decide whether $199.43M was a single issuance or the start of a sustained series of mints.