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.
Business and Politics23(4), 439–455 (2021)
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Privacy is Fungibility: Why Endogenous Tokens Are Not Money
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.