Only if a similar system were attempted on a single state. The devaluation is a function of exchange rate, where other countries will not accept at full value a diluted currency.
As I noted, with all currencies tied to the commons, all currencies are being expanded simultaneously, proportional to population, creating disadvantage to no one.
The value of a share need not fluctuate, and sets a natural sovereign debt limit. The return on a share though, would depend on how much of that value is borrowed. So the ideal state would be for the entire value to be loaned interest only.