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SoV, MoE, UoA: The Unbundled Future of Money

Summary Statement:
As decentralized ledger technology reshapes global finance, the traditional functions of money—Store of Value (SoV), Medium of Exchange (MoE), and Unit of Account (UoA)—are being separated into distinct roles across different assets and networks. Tokenized gold, Bitcoin, and other scarce digital assets are emerging as sovereign-resistant stores of value. Stablecoins, issued on open DLT rails and backed by short-term sovereign debt, are becoming the dominant mediums of exchange. Meanwhile, local fiat currencies—expressed through jurisdiction-specific stablecoins—remain the primary units of account for pricing and compliance. This modular monetary architecture enables local merchants to price in their native currency while accepting payments from global sources, abstracting FX via atomic swaps or licensed intermediaries. The result is a permissionless global payment mesh that preserves local sovereignty, enhances efficiency, and reconfigures how liquidity, pricing, and value storage function in the digital age.