Before the Civil War, every American bank printed its own paper money. A banknote from New York might only be worth 90 cents by the time it reached Illinois. A dollar's value depended on where you spent it. Congress fixed that with the National Banking Act. All banks had to follow the same rules, keep enough money in reserve, submit to federal oversight, and protect customer deposits. A dollar became a dollar everywhere. The same story is playing out now with digital money. Stablecoins are today's fragmented banknotes. Tokenized deposits are the fix. They bring the trust of the regulated banking system onto digital rails, so a dollar on the ledger stays a dollar, wherever it moves.(Cosmos - The Interchain ⚛️)