Fungible
Describes assets whose units are identical and interchangeable, so one unit holds exactly the same value as another.
Fungible means one unit is as good as any other. A dollar is a dollar; one bitcoin equals another bitcoin. You don't care which specific unit you hold because they're interchangeable.
Most cryptocurrencies are fungible. ERC-20 tokens—the standard behind USDC, UNI, and thousands of others—are built so every token is identical to the rest.
The opposite is non-fungible. An NFT is unique: two of them can share a collection but still differ in traits and price. Fungibility is also what makes a currency usable—units can be split and recombined freely without tracking which is which.
Related terms
A blockchain token that represents ownership of a unique item, where no two units are interchangeable.
TokenA digital asset issued on top of an existing blockchain, usually through a smart contract rather than its own network.
FiatGovernment-issued money like the US dollar or euro, backed by state authority rather than gold or any commodity.
CryptocurrencyA digital asset secured by cryptography and recorded on a blockchain, free of any central issuer.