Circulation is cash-layer scale
Stablecoin circulating USD market value is one read on the reported scale of crypto's cash layer. It does not prove reserves, holder redemption access, executable liquidity, or where that value will go next.
Why peg and mechanism matter
A large circulating USD market-value number does not prove the promise behind it. Bathymark pairs it with instrument type, reference method, mechanism, and live market price so size is never mistaken for backing or redemption evidence.