The accelerating digitization of financial markets creates a clear and immediate need for a sovereign instrument that combines the safety of U.S. Treasury credit, the liquidity of overnight funding, and the transparency of on-chain settlement. The Treasury has an opportunity to meet this demand and to increase financial stability in digital-asset markets by issuing a new security, Perpetual Overnight Rate Treasury Securities (PORTS). These notes would be issued and redeemable at par, daily.  […]