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Fiatcoins want to be aggregators, aggregators centralize power ()

"Fiatcoins (regulated stablecoins) have dominated conversations these last few weeks with Gemini, Paxos, Coinbase and Circle releasing USD-backed stablecoins. As I’ve written previously, while fiatcoins offer substantial benefits over fiat (e.g. programmability, transferability), they come with the steep cost of potential censorship. But censorship isn’t a business model in and of itself, what is the incentive for businesses to launch fiatcoins?"

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