PhilidorWire
The Wire
Watch· Stablecoin

USDC briefly trades to $0.997 on Coinbase outage; arbitrage normalizes within minutes

A brief Coinbase API outage thinned USDC redemption flow; secondary depth dipped before arbitrage closed the gap. No limit tripped — a depth watch was raised on the largest USDC vaults.

USDCUSDCasset
3Affected vaults
$92.30MTotal exposed
4.1/10Significance
01

Affected positions

Direct(3)

Vaults holding the affected asset directly.

morphoUSDC
Steakhouse USDC Prime
morphoEthereum
$48.20M
Steakhouse USDC PrimemorphomorphoUSDCUSDC
sparkUSDC
Spark USDC Core
sparkEthereum
$31.70M
Spark USDC CoresparksparkUSDCUSDC
morphoUSDC
Moonwell USDC (Base)
morphoBase
$12.40M
Moonwell USDC (Base)morphomorphoUSDCUSDC
02

Exposure path

Each affected position shows its full route above — direct holdings resolve in one hop; wrapper exposure is expanded to the underlying (e.g. sUSDe → USDe).

03

Severity & reason

Watchsignificance 4.1/10

Watch heuristic: secondary depth dipped < 1h while peg held within 30bps (rule: transient-depth-watch).

04

Suggested action

Monitor.

05

Evidence

SourceView article
Graph snapshotgsnap_91ab…dd02fc
Methodologyv3.2.1
PublishedJun 23, 2026, 11:43 AM UTC