{
  "status": "ok",
  "index": {
    "id": "sovereign-telemetry",
    "code": "FP-SOV",
    "name": "FinPulse Sovereign Debt & Stablecoin Float Telemetry",
    "current_value": 40.44,
    "formatted_value": "$40.44T",
    "unit": "Trillions USD",
    "status": "RECORD ALL-TIME HIGH",
    "regime": "STRUCTURAL FISCAL DOMINANCE",
    "formula": "Official US Public Debt to Penny, Treasury Cash, and Global Dollar Stablecoin Float",
    "telemetry": {
      "total_us_public_debt": "$40.44T",
      "treasury_operating_cash": "$965.0B",
      "global_dollar_stablecoins": "$262.1B",
      "stablecoin_share_of_treasury_cash": "27.16%",
      "usdt_market_cap": "$182.6B",
      "usdc_market_cap": "$72.6B"
    },
    "market_implication": "Private dollar stablecoins now equal over 27% of the US Treasury's entire operating cash balance, establishing crypto dollar rails as a systemic sovereign liquidity buffer and major buyer of short-term T-bills.",
    "methodology": "Direct daily feeds from fiscaldata.treasury.gov and DefiLlama audited stablecoins protocol aggregator.",
    "sparkline": [
      39.8,
      40.1,
      40.3,
      40.44
    ]
  },
  "generated_at": "2026-10-23 04:10:32 UTC"
}