---
title: "USDT Supply Shrinks As PSI Regains BEDROCK"
canonical: "https://pharos.watch/digest/2026-11-09-weekly/"
datePublished: "2026-11-09T08:10:00.000Z"
description: "USDe's 5.14% APY ranked first on Pharos' weekly risk board, with no opportunity evidence attached. USDT's trailing seven-day supply fell in all 7 editions; PSI "
---

# USDT Supply Shrinks As PSI Regains BEDROCK

## Executive Summary

USDe's 5.14% APY ranked first on Pharos' weekly risk board, with no opportunity evidence attached. USDT's trailing seven-day supply fell in all 7 editions; PSI closed at 91.5 as the gauge midpoint dropped to -18.6.

## Extended

USDe's yield flag ranked first on the Weekly Risk Leaderboard at severity 4943.2. Its APY rose on each of five prints, from 5.07% on November 3 to 5.14% on November 7, against a 30-day average of 4.92%, on a $4.92B market cap. Every USDe print carried an opportunity-evidence-missing tag, so Pharos has no corroborating source for the return. PSI rose from 87.1 to 91.5, a BEDROCK close, though STEADY was the week's dominant band and the PSI midpoint slipped 0.9 points to 88.2.

USDT supply contraction ran through the week. On November 3 USDT posted mint/burn intensity of -100, a net -$3.99B over 24 hours, and a $2.31B one-day supply drop. USDT was the largest mover among tracked coins by trailing seven-day supply change in all 7 editions, with declines from -$3.65B on November 4 to -$2.44B on November 9; the windows overlap and cannot be summed. The Bank Run Gauge hit -72, a CRISIS print, on November 3, when USDT carried 69.187% of scored gauge weight. No contribution breakdown links USDT to that print, and nothing in the data establishes why USDT supply fell.

Among depeg signals with recorded magnitudes, pmUSD posted the week's deepest break and largest market impact: 4372 bps below peg on $50.23M, impact 369.6, a critical condition carried over from before November 3. Depeg counts eased elsewhere, with active observations at 139 against 158 and unique signals at 27 against 32. USDf closed a 111 bps depeg that had run more than eight days, and apxUSD resolved separate breaks of 153 bps and 140 bps. USDe moved opposite to USDT on November 3, with mint/burn intensity of +100 and a net $41.43M.

Weekly market cap change cannot be measured because the prior reading is unavailable; the current figure is $308.35B. The Bank Run Gauge midpoint fell to -18.6 from 3.3. Blacklist events rose to 1453 from 314, and the known USD subtotal fell to $92.29M from $414.13M, but 1222 unpriced events make the two subtotals incomparable. The largest priced action listed was a $13.91M USDT freeze on Ethereum on November 6.

Daily triggers resolved 3 hits and 14 misses, a 17.6% hit share, with 4 left unscored for lack of evidence. The next trigger is a Bank Run Gauge print of -20 or lower, and next week will decide whether USDT's trailing seven-day decline keeps narrowing from -$2.44B or widens back past -$3B.