A major accomplishment in the development of fiat money was *parity*, the idea that you could accept banknotes or deposits from any bank as being equivalent to $1, rather than having to discount every different bank's liabilities based on creditworthiness.

JP Koning explains that cryptocurrency exchanges have been quietly working hard to engineer parity among major stablecoins, which requires them (like central banks) to monitor the credit risk of issuers they support. jpkoning.blogspot.com/2022/12/