Context, not thesis: BTC, ETH and Treasury yields sit below the three layers for scale only. Supply figures follow DefiLlama's methodology (circulating supply by peg, valued at observed price); trackers differ by a few percent, so one source is named and kept. Tokenized-asset figures are CoinGecko category market caps.
The layers filling in.
Daily history behind the live figures, snapshotted at build time from the same sources and extended with the live point. Hover for the value on any day; every chart has a table view.
Sources: DefiLlama (stablecoin supply by peg), European Central Bank reference rates via Frankfurter, US Treasury daily par yield curve. The history file is rebuilt with the site; the live point on each chart is fetched in your browser.
What each column is for.
Layer One
Stablecoin settlement is the foundation. The USD float is the stock of dollars already sitting on-chain, ready to clear value between institutions. Its 30-day change says whether that foundation is widening or shrinking. The 3-month bill is the yield the reserves earn.
Layer Two
A euro, sterling or real token is a currency pair waiting to happen. The ECB reference rates are the benchmark any on-chain FX leg has to beat.
Layer Three
Tokenized securities are the largest prize. Tokenized Treasuries lead because they are the collateral everything else settles against; tokenized stocks, money market funds and non-US government paper show how far past Treasuries the market has got.
The argument in full is in the paper. The events that moved these numbers are on the timeline.