Our current legal counsel has provided us with the opinion that USDS tokens are unlikely to be considered securities. A USDS token maintains the same value of $1 over time and has no inherent expectation of profit that is a direct result from Stably’s management efforts. USDS tokens are more similar to deposit and safekeeping receipts, which the SEC has previously analyzed and recommended no enforcement actions for their use (see 40 Fed. Reg. 1695 et. seq).