The smart coin is essentially a bitcoin account embedded into a large coin. They can be safely traded against each other, even when issued from separate banks, because the coin reader can always give secure value amount. More interesting is that the coin can reflect immediate currency value, to the same signal to noise as any other bitcoin account.
So banks can issue the coin, then defend their value, keeping their customers happry. Or banks can bet client bitcoins against hedges upon request, and value is reflected in clients personal bitcoin. So the clients portfolio is always immediately liquid at the local grocer.
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