There is a simple way to tell whether onchain finance is becoming real: look at where boring money goes. Tokenized U.S. Treasuries have grown from under $1 billion in early 2024 to roughly $15 billion in on-chain value. That is still small compared with the overall Treasury market, but the direction is hard to ignore. Treasuries are among the most conservative instruments in finance. When they start moving onchain at this pace, it is an early sign of treasury infrastructure moving onto new rails, because settlement can be faster, ownership can move more easily, and the asset can become usable across regulated financial products once it is there. This is the layer we build for: regulated, yield-bearing, institution-grade products that happen to run onchain.