USDT Yield Leads, USDC Round-Trips A Billion $USDT's yield warning hit 4.81% APY on four of seven sessions with TVL leaving $183.29B. USDC redeemed over $1B twice yet ended down only $76.01M. Blacklists fell to 129 events from 656. PSI held BEDROCK. See the map.

Treasuries Shed Supply, Then Grade (#209#) $BUIDL is down $421.81M in seven days to $2.31B, 37% below its July peak, while USTB slid from B (71) to C (58) on $526.73M. Total stablecoin supply barely moved at $318.94B. See the map.

Top five yields tracked on Pharos this week by PYS. 1. USDC @circle 4.99% 2. ZCHF @frankencoinzchf 3.50% 3. yBOLD @yearnfi 7.69% 4. EURC by Circle 2.34% 5. gtUSDC @gauntlet_xyz 4.22% *Pharos Yield Safety (PYS) calculates risk magnitude against safety, consistency, APY, and risk tolerance to establish rankings.

USDC's Week Undone In A Day (#208#) A $1.09B single-day outflow against a seven-day net of -$76.01M: the prior six sessions had added roughly $1B. Total cap held at $318.76B. Another $1B day turns drift into rotation. See the map.

Top five yields tracked on Pharos this week by PYS. 1. USDC @circle 4.99% 2. ZCHF @frankencoinzchf 3.50% 3. yBOLD @yearnfi 7.69% 4. EURC by Circle 2.34% 5. gtUSDC @gauntlet_xyz 4.22% *Pharos Yield Safety (PYS) calculates risk magnitude against safety, consistency, APY, and risk tolerance to establish rankings.

BUIDL Sheds $422M, Market Flat (#207#) BlackRock's tokenized fund shed $421.81M over seven days to $2.31B while total stablecoin cap rose $326.81M. USDC added $315.49M in a day. Next threshold: $470M of weekly $BUIDL outflow. See the map.

pmUSD Halves With No Exit Route (#206#) $PMUSD trades at $0.495, 5049 bps below par and 536 bps wider than the previous edition, on an F safety score of 0 with no supported redemption route. USDC shed $1.05B in a day against a $353M weekly net. See the map.

SteakUSDC by @SteakhouseFi continues its impressive run. Supply hit $113.8M this week, up 23% in 7 days. Since June 30, SteakUSDC has grown from $52.81M, more than doubling its supply in under three months.

USDf Mints While Peers Burn (#205#) $USDF drew $32.04M of net mints at maximum pressure intensity while wM and FRXUSD burned at -100. The Bank Run Gauge recovered to -14.5 from -41.0; a return to -20 puts flow stress ahead of USDC's $766M weekly drain. See the map.

Market Down $880M, USDC $837M (#204#) Total stablecoin supply fell $880.53M over seven days; $USDC alone fell $837.39M to $73.79B. The Bank Run Gauge moved from 0 to -41 STRESS, and USDS lost $195M in one day against a $164M week. See the map.

PMUSD Deviation Widens 920 Basis Points (#203#) $PMUSD trades at $0.452, 5,485 bps below peg after widening 920 bps since the previous edition, with $48.06M of float marked at less than half. Above it, USDe added $291.27M on the week and PSI printed 92.6. See the map.

USDC Redeems, USDS Absorbs (#202#) $USDC's supply fell $370.16M over seven days to $74.33B while total stablecoin capitalisation slipped just $90.59M, leaving roughly $280M of that redemption offset by issuance elsewhere. USDS added $39.73M in a single… See the map.

USDC Down A Week, Up A Day (#200#) $USDC ended the week $296.67M lighter at $74.44B, then took $216.99M back in 24 hours. USDS added $273.73M in a single day. Total supply barely moved at $319.66B. See the map.

USDS Outflow Outruns Its Week (#199#) $USDS lost $304.11M in a day against a 7-day net of -$226.02M, so the prior six sessions had added roughly $78M. Best APY has slipped to 5.31% from a 30-day average of 5.64%. Next test: a $385M single-day move. See the map.

JUST IN: crvUSD by @CurveFinance has added 38% to its supply in the last 7 days, making it one of the largest stablecoin supply increases tracked on Pharos this week, bringing its market cap to $308.27M. Since June 25, crvUSD has seen a growth of 68% from $188M as demand continues to increase.

Belgrade, we are coming. We are proud to be sponsoring @ethbelgrade this year and bringing the mission of stablecoin risk assessment to one of Europe's most exciting Ethereum communities. The Lighthouse sees everything. Now we see you in Belgrade.

Calling all veCRV holders On 18th of July, Pharos submitted a proposal to the Curve DAO in response to the call for risk providers to cover crvUSD and Mint Markets. We already monitor crvUSD in production today and this proposal lets us provide a more comprehensive and DAO-focused commitment to an asset we already support. Since inception, Pharos has provided transparent, unbiased reports on 400+ stablecoins and flagged every major depeg before it happened. That is the track record we are bringing to crvUSD. Our KPIs should this proposal be passed includes: 1. Pre-vote coverage: ≥95% of in-scope mint-market and PegKeeper proposals receive a published risk report before the DAO vote. 2. Monitoring coverage: 100% of active in-scope markets and PegKeeper pools under continuous automated monitoring. 3. Critical response: human escalation to the DAO/eDAO channel within 4 hours of a critical trigger, with a risk read and a recommended action. Triggers are DEWS Warning tier from day one, joined by solvency-side triggers (soft-liquidation losses, health-distribution deterioration, PegKeeper depletion) as the trial instrumentation ships. 4. Escalation quality: ≥90% of escalations include a specific, actionable recommendation tracked to resolution. 5. Miss accounting: every material crvUSD stress event (bad debt, depeg, PegKeeper depletion) receives a public post-incident review stating whether our monitoring flagged it in advance; misses are reported as misses. 6. Reporting: quarterly progress updates against these KPIs, plus semiannual crvUSD market-health reports. 7. Reusable deliverables: ≥6 documented, reusable assets delivered under perpetual license per mandate period (enumerated in Section 7). We report all KPIs publicly, so the DAO can audit our performance against our own commitments. The proposal has now entered a preliminary voting phase where the DAO selects its preferred risk provider, not the release of capital. We are calling on all veCRV holders to vote for a safer and transparent risk provider for crvUSD and its mint markets. Vote Pharos. Vote here: Our detailed proposal:

BREAKING: @MetronomeDAO Synth USD (msUSD) continues its depeg, now trading at $0.9756, down 241 bps from its $1 target. The current depeg has been active since July 23, 2026, making it the longest in msUSD's recorded history. Previous depeg incidents averaged just 1 hour. msUSD has now logged 21 depeg events.

Version 9 of our Safety Score is now fully deployed and operational, introducing a new 3-dimensions framework 1. Backing: does this thing have value to begin with? 2. Control: even if the box is full, can something destroy it anyway? 3. Exit: fine, but can I actually leave?