---
title: "USDf Closes A 198-Hour Depeg"
canonical: "https://pharos.watch/digest/2026-11-09/"
datePublished: "2026-11-09T08:05:27.000Z"
description: "USDf's 198-hour depeg, which peaked 111 bps below peg on $1.82B, has closed, leaving pmUSD at the top of PSI's severity list. Next trigger: a Bank Run Gauge pri"
---

# USDf Closes A 198-Hour Depeg

## Executive Summary

USDf's 198-hour depeg, which peaked 111 bps below peg on $1.82B, has closed, leaving pmUSD at the top of PSI's severity list. Next trigger: a Bank Run Gauge print of -20 or lower, against -11.4 today.

## Extended

Falcon's USDf has a recovery closure on a depeg that lasted 198 hours and peaked 111 bps below peg, on $1.82B of market cap; the previous edition had it 55 bps under. Its best APY, 3.81%, trails its 7-day and 30-day averages of 3.85% and 4.14%, and the yield feed still carries tvl-outflow and opportunity-evidence-missing flags. The closure removes the largest depeg by market cap from the active list.

USDf is absent from today's PSI severity contributors, now led by pmUSD and USDA. The index reads 91.5, BEDROCK, in the 07:57 UTC sample, against 87.7, STEADY, in the 8 November daily snapshot. Its trend input, -1.59, reflects a $4.88B seven-day fall in market cap measured across 233 of 261 core coins. pmUSD trades at $0.599, 4,007 bps below peg on $53.57M, from 4,297 bps in the previous edition.

USDe net minted $55.77M and USD1 net burned $28.94M in the window ending 06:00 UTC, on 4.594% and 1.524% of the Bank Run Gauge's scored weight. The gauge read -11.4, CAUTIOUS, from -3.6, on partial valuation; no per-coin contribution is supplied. DEWS moved one coin to WARNING from none over 47 band changes. A gauge print of -20 or lower, 8.6 points beneath today's, would make flow stress a lead candidate.