Ah, I thought you were talking about the individual holder's risk of theft, not the system's risk of counterfeiting. My understanding from the article is that

Ah, I thought you were talking about the individual holder's risk of theft, not the system's risk of counterfeiting. My understanding from the article is that the TPM would be used to prevent theft, and counterfeiting would be prevented by something like RSA blind signatures (e.g., http://www.hit.bme.hu/~buttyan/courses/BMEVIHIM219/2009/Chaum.BlindSigForPayment.1982.PDF http://www.hit.bme.hu/~buttyan/courses/BMEVIHIM219/2009/Chau...)