DeFi and the Future of Finance. Campbell R. Harvey

5. Tether, Tether Operations, 2021, https://tether.to.

      6 6. On March 30, 2021, Tether produced an “attestation” (third party verification of holdings) prepared by the Moore Cayman of its holdings as of February 28, 2021. This is a one time analysis of holdings - not a regular audit.

      7 7. “USDC: The World's Leading Digital Dollar Stablecoin,” Circle Internet Financial Limited, 2021, https://www.circle.com/en/usdc.

      8 8. Of course, from a centralized regulatory perspective, blacklisting may be a desirable feature, not a risk.

      9 9. MakerDAO, https://makerdao.com.

      10 10. Synthetix, https://www.synthetix.io/.

      11 11. Nader Al-Naji, “Dear Basis Community,” Basis, December 13, 2018, https://www.basis.io/.

      12 12. Ampleforth, https://www.ampleforth.org/.

      13 13. Empty set dollar, https://www.emptyset.finance/.

      14 14. See, e.g., Financial Stability Board, “Regulation, Supervision and Oversight of “Global Stablecoin” Arrangements,” October 13, 2020, https://www.fsb.org/wp-content/uploads/P131020-3.pdf.