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Currencies & digital assets
Money traded against other money, plus the digital things that behave like it.
Foreign exchange is the largest market on earth by turnover — trillions of dollars a day — and almost none of it is speculation. It is mostly the plumbing of trade: someone in Rotterdam needs dollars to pay for a cargo, someone in Tokyo is hedging a subsidiary's earnings.
Digital assets sit here awkwardly but sit here best. Bitcoin is not a currency in any practical sense, but it trades the way currencies trade: continuously, globally, in pairs, with no underlying cash flow to value it against.
Bitcoin
A fixed-supply digital bearer asset with no cash flow, no issuer and no closing bell — the first thing to demonstrate that m…
No. 027Foreign exchange
The largest market on earth by turnover, running continuously from Sunday evening to Friday night, and overwhelmingly used f…
No. 020Ether
The fuel for a programmable settlement network — closer to a claim on the usage of a platform than to a currency.
No. 058Stablecoins
Tokens engineered to hold a fixed value against a currency — the settlement rail underneath most crypto trading, and a genui…