Digital money
Glossary · The three layers Thesis
The top layer: the money people actually pass around. Stablecoins and tokenized assets are moving onto the same rails, and the volume is real. Every one of them is a claim on something.
Digital money is next. We cover it as the paper layer being built, not as an unrelated crypto story: what is it a claim on, how much, and who has the authority to suspend it.