I pretty much agree with the thesis.
Wondering if there is an argument that TA is useful also because of the transparency of on-chain issuance.
Although it is fiat being exchanged , TA provides a way to check assets issuance against holdings.
eCash might take over once a robust reputation system is in place so users can have a way to trust they can safely accept randomCo ltd dollars redeemable for real goods and services.