Every U is the top of a column of real assets: pull the unit apart and its exact contents float out — layer depth is vault weight. Four legs held on-chain today, one admitted and waiting. Hover a layer to read what your coin actually owns.
Five steps from basket to bank-run-proof. Click through — or just scroll the story on the right.
One U is a fixed, published list of quantities, and every item on it is a token that exists on Ethereum with real liquidity — because when you mint, the protocol buys those exact quantities on-chain, at that moment. There is no posted rate to trust: the price of a U is what its contents cost.
Revision R3, published 2026-09-20 — no government debt of any country, and no idle cash. Over the last twenty years this list gained +213% of purchasing power (3.13×, +5.9%/yr after world inflation) with a 7.9% yearly wobble and a worst drawdown of −18.6%; over the last ten, +8.8%/yr with a −13.4% worst fall. That worst fall is roughly half again deeper than R2’s, and it is the price of the change: see what the charter had to give up. Those are backtests of the exposures, not of the tokens — most of these tokens are younger than the assets they hold. Property is measured by a home-price index whose appraisal smoothing understates its true wobble. Full math in the mechanism.
U is not a fixed recipe someone defends. It is an optimizer with a leash: it searches the tokenized assets on Ethereum for the mix that would have bought the most, and it may only choose from inside bounds the contract enforces. Below is its answer as of the last revision, and what it would propose from today's data.
R3 loosened the leash, and it is worth knowing why. Sovereign debt was the only thing in the tokenized universe that held drawdowns down — when US Treasury bills were removed, no basket could reach the old −12% limit, whatever the optimizer tried. So the charter moved to 8% wobble and 20% drawdown rather than pretend otherwise. U buys more now, and falls further when it falls.
The optimizer runs daily against the world consumption index. When its answer drifts far enough from the active list, that gap becomes the case for the next revision.
The interesting part of an honest optimizer is what it refuses — and what it changes its mind about. Euro cash lost 2.1% of its purchasing power every year for twenty years, and under an earlier charter the optimizer declined it outright. It now holds 29% of the vault: with cash and government debt both gone, euros are the only ballast left, and they are held for how they move against the dollar rather than for any return. Still at zero today:
Nothing is excluded by taste. An asset enters when it earns its place inside the charter, and leaves the same way.
Deposit USDC at the posted U rate. Every unit in existence was paid for in full — minting is depositing.
Open mint →Redeem to USDC at the posted U rate, any time. The exit has no queue, no gate, and — by design — no pause switch.
Why runs can't happen →Computed from public CPIs, FX and asset prices; posted on-chain with a 5 bp/day drift cap. External, auditable, boring.
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