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Great article but I think you are overlooking the issue of licenses and more generally compliance with the financial regulation.

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This is truly excellent. I've been in the trenches with Stablecoins and this is one of the best out there with unique views. Your thoughts about compressing time money is similar to what I wrote about here - https://josephsimeon.substack.com/p/streaming-money-the-future-of-payments

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