A digital token can change how an asset moves. Use five questions to separate the underlying investment, the legal claim and the technology around it.
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A closer look at digital finance 
An ESCB proposal challenges bank-deposit minimums under MiCA. The central question is how reserves meet redemptions without spreading stress through the financial system.
Reserves, redemption rights and exchange liquidity answer different questions. A practical comparison of the routes from a stablecoin balance back to cash.
Similar price exposure can come with very different control. Compare brokerage shares with directly held bitcoin, including redemption, recovery and ongoing costs.