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Finance Research Letters51, 103358 (2023)

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Privacy is Fungibility: Why Endogenous Tokens Are Not Money

cs.CR · 2026-05-15 · unverdicted · novelty 6.0

Endogenous tokens on permissionless ledgers lack a cash-like privacy primitive, stablecoins do not inherently provide it, and security reliance on the token exposes even private assets to risk.

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