Executive Summary
USDC's $210.12M one-day supply drop is close to 40% of its seven-day decline. USD1 logged $65.36M of net burns, and the Bank Run Gauge eased to -36 from -72.
USDC's outstanding supply fell $210.12M in the latest day, close to 40% of its $530.91M decline over seven days, a pace Pharos classifies as accelerating. The series counts tokens outstanding, and nothing in the evidence identifies who redeemed or why. Ethereum carried -$149.45M of net mint/burn flow across tracked coins in the 24 closed hours to 06:00 UTC, a chain total the evidence does not attribute by coin.
USD1 moved the same way on both feeds. Its supply fell $48.51M on the day and $105.91M on the week, and the mint/burn count shows $65.36M of net burns over 24 hours, a pressure score of -100 relative to its prior 30 days. Both measures record tokens retired; neither establishes the cause. USD1 carries a C (59) safety score.
The Bank Run Gauge rose to -36, CAUTIOUS, from -72, missing the -80 level yesterday's edition set for a deeper reading; flight-to-quality is inactive. As of today, USDT posts the largest seven-day supply decrease on the tracked list, $3.65B, leaving $178.08B, 6% below its 26 April record. pmUSD trades at $0.574, 4,265 bps below peg on $51.07M, with no material change.
PSI reads 87.4 against 87.2, a sixth STEADY day. Total market cap of $311.34B sits 3.44% below the $322.42B Digest-window high set 21 days ago, after a $5.58B seven-day decline measured across 230 of 263 core coins. A USDC one-day drop of $265M or more, about $55M past the latest print, would mark its slide as a rotation-sized move.