%22%20stroke-opacity%3D%220.55%22%2F%3E%3Ctext%20x%3D%2224%22%20y%3D%2232%22%20font-family%3D%22Georgia%2C%20serif%22%20font-style%3D%22italic%22%20font-size%3D%2223%22%20fill%3D%22hsl(153%2044%25%2056%25)%22%20text-anchor%3D%22middle%22%3EP%3C%2Ftext%3E%3C%2Fsvg%3E){kind=small}
Bathymark Analysis Standard
Is PYUSD's market reading being interpreted correctly?
The market price is 4 basis points from its normalized reference, inside Bathymark's 50 basis-point band.
- State
- Inside the reference band
- Confidence
- moderateMarket price, reference method, circulating USD market value, and token-unit history are source-backed. Reserve quality and holder redemption access are not verified by this feed.
- Snapshot captured
Three strongest drivers
- Normalized reference drift-4 bps$0.9996 versus $1.0000 in USD quote terms.
- Circulating USD market value$2.78BThe list endpoint reports raw circulating token units multiplied by the current USD token price. This is already USD and is not token count.
- Seven-day token-unit change+2.7%2.71B to 2.78B source-reported token units across 7 observed days.
Open the 30-second readChange, history, comparison, and implication
What changed
PYUSD source-reported token units changed +2.7% over seven days.
72.06M token-unit net change between reconciled history endpoints. The 30-day change is -2.6%. The current list value is not spliced into this series because it is USD market value.
Is it unusual
The latest token-unit observation sits at the 32th percentile of its stored history.
This percentile describes source-reported token units, not circulating USD market value or reference-price drift. Daily token-unit change volatility is 2.26%.
How it compares
PYUSD ranks #9 of 414 peers by current circulating USD market value.
Peer circulating USD market value is a size comparison. It does not compare token units, reserve quality, liquidity, or redemption rights.
Why it matters
The market price is close to its normalized reference, but that only answers the secondary-market price question.
This is market and product-risk context, not financial advice.
Open the evidence trailCounterevidence, invalidation, sources, and method
What argues against this reading
The live source does not expose reserve composition, bank balances, or legal enforceability.
A token trading near its reference does not show that every holder can use the issuer's primary redemption path.
The price and circulation feed provides retrieval timing, not an exchange-by-exchange market observation timestamp.
What would change the call
The inside-band call changes when absolute normalized drift reaches 50 basis points in a validated snapshot.
Measured byAbsolute normalized reference drift in basis points, with a 50 basis-point threshold.
Next review
Exact sources
- DeFiLlama Stablecoins APIhttps://stablecoins.llama.fi/stablecoins?includePrices=trueSupports: Current circulating USD market value, market price, reference type, mechanism, and chain roster.Limit: The circulation field is current USD market value, not token count. It does not verify reserves, legal claims, or universal redemption access.
- DeFiLlama peggedassets-server implementationhttps://github.com/DefiLlama/peggedassets-server/blob/master/api2/cron-task/getStableCoins.tsSupports: The list response's circulating field is built as raw circulating token units multiplied by current USD price for every peg type.Limit: The implementation explains list valuation. It does not turn market value into token count, reserves, or redemption capacity.
- DeFiLlama Stablecoin Supply History APIhttps://stablecoins.llama.fi/stablecoin/120Source observation: Supports: Source-reported circulating token-unit history.Limit: History token units are not interchangeable with the list endpoint's current USD market value. The series does not show reserve composition or holder redemption access.
Formula
reference drift bps = (market price USD - reference target USD) / reference target USD * 10,000Historical change uses only token-unit history endpoints. The list endpoint's current USD market value stays separate. The price formula is used only when the taxonomy declares a fixed reference.
Open formula noteSnapshot receipt
- Snapshot captured
- Ingested
- Method version
- stablecoin-reference-2026-07-11.2 / taxonomy-2026-07-11.3Fixed USD peg. The source lists a USD reference with a fiat-backed mechanism.
Missing inputs
- Issuer reserve composition and bank balances
- Holder-specific redemption eligibility, timing, and limits