No. syrupUSDC is holding its peg. Pegana's current read is −0.01% from intrinsic value, inside its calibrated drift band. Maple syrupUSDC (syrupUSDC) last traded at $1.1885 against an intrinsic value of $1.1886, as of .
syrupUSDC is a yield-bearing stable asset. It accrues value over time, so it is expected to trade above $1.00. A premium is the mechanism working, and a sustained discount is the signal that matters. Pegana computes syrupUSDC’s intrinsic value from its peg mechanism and compares it against the best executable market quote. The spread is smoothed, classified against syrupUSDC’s own calibrated thresholds with hysteresis, and every state change emits a public receipt that anyone can re-derive byte-for-byte with the open-source methodology crate.