They are debt based, that is, they have the "borrow-return" instance in their life cycle and that makes them equal. Regarding the rest. It is the taxpayers who provide goods and services in exchange for average Joe's USD when the borrower is the government. In that sense nothing changes since the average Joe receives goods and services when dollars are withdrawn from circulation via government's loan payments.
As I said, destroy of the central bank money is a very special case since the debt based money appears in 1971, other historical currency like gold and silver coins do not have this property, they never get "liquidated" by your definition. And other financial products like stocks also never get liquidated, or to say, their life cycle can be decades or centuries