NEW YORK, Feb. 7 (TNSLrpt) -- The Federal Reserve Bank of New York issued the following staff report (No. 1177) in Jan. 2026 by Michael Junho Lee entitled "Composable Finance."

Here is the abstract:

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Composability--open interactions between assets and protocols--facilitates a modular financial architecture. I document the emergence of composed asset transformation, where tokenized assets are re-bundled to alter access, liquidity, and risk cha . . .

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