There are 1. purely algorithmic stable coins (on-chain), such as UST. Voodoo, if you ask me. Can be decentralised. 2. (over)collateralised stable coins (on-ch

There are 1. purely algorithmic stable coins (on-chain), such as UST. Voodoo, if you ask me. Can be decentralised. 2. (over)collateralised stable coins (on-chain), such as DAI (not DEI, which is at issue here). Collateralised by other crypto, smart contracts, and what have you. Can still be decentralised. 3. collateralised stable coins (off-chain), such as USDC or (allegedly) USDT. Those are collateralised by good old USD (or treasuries or commercial paper). Those need a central authority that holds on to the USD (or whatever form the collateral takes). So, makes sense that they have TOS.