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> With resident keys? A couple dozen, if you're lucky.

Or, future tokens start bundling a bit of flash storage and make this a non-issue. Considering how cheap it is, that ought to be possible even for low-cost tokens.

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You still need to allocate physical space for 1) the cryptographic circuitry of the token 2) the tamperproof and stress-resistant enclosure. Depending on the form factor, you might not have that much physical space left for storage. The physical requirements for a token are much more complex than a plain USB drive.

Google’s security key can already support 250 resident keys. I’m not sure how secure it is compared to Yubikeys, but it can’t be that far behind.

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