| Fig. 4.1 | Estimated Annualized Energy Consumption of the Bitcoin Blockchain | 51 |
| Fig. 5.1 | The STO Process | 65 |
| Fig. 5.2 | The Market Evolution of STOs between 2017 and 2020 | 66 |
| Fig. 18.1 | The Blockchain Trilemma | 266 |
| Fig. 18.2 | A Merkle Tree with Four Leaves | 267 |
| Fig. 18.3 | Scalability Solutions on Layer 1 and Layer 2 Blockchains | 274 |
| Fig. 18.4 | Hash Time Lock Contract | 278 |
| Fig. 19.1 | Depicting Money Aggregates | 289 |
| Fig. 19.2 | CBDC Representations | 291 |
| Fig. 19.3 | Architectural Design Variants | 296 |
| Fig. 20.1 | Trade Settlement Life Cycle | 310 |
| Fig. 20.2 | Trade Settlement Infrastructure and Participants | 313 |
| Fig. 20.3 | Paxos Settlement Service | 321 |
| Fig. 20.4 | Paxos Settlement Solution for FX and Commodity Markets | 322 |
| Fig. 21.1 | Price Evolution of LUSD and Ether: from April 1, 2021 to September 30, 2021 | 332 |
| Fig. 21.2 | Price Evolution of UST and LUNA: from November 1, 2020 to September 30, 2021 | 333 |
| Fig. 21.3 | Price Evolution of AMPL and Its Target Price: from July 1, 2019 to September 30, 2021 | 334 |
| Fig. 4.1 | Estimated Annualized Energy Consumption of the Bitcoin Blockchain | 51 |
| Fig. 5.1 | The STO Process | 65 |
| Fig. 5.2 | The Market Evolution of STOs between 2017 and 2020 | 66 |
| Fig. 18.1 | The Blockchain Trilemma | 266 |
| Fig. 18.2 | A Merkle Tree with Four Leaves | 267 |
| Fig. 18.3 | Scalability Solutions on Layer 1 and Layer 2 Blockchains | 274 |
| Fig. 18.4 | Hash Time Lock Contract | 278 |
| Fig. 19.1 | Depicting Money Aggregates | 289 |
| Fig. 19.2 | CBDC Representations | 291 |
| Fig. 19.3 | Architectural Design Variants | 296 |
| Fig. 20.1 | Trade Settlement Life Cycle | 310 |
| Fig. 20.2 | Trade Settlement Infrastructure and Participants | 313 |
| Fig. 20.3 | Paxos Settlement Service | 321 |
| Fig. 20.4 | Paxos Settlement Solution for FX and Commodity Markets | 322 |
| Fig. 21.1 | Price Evolution of LUSD and Ether: from April 1, 2021 to September 30, 2021 | 332 |
| Fig. 21.2 | Price Evolution of UST and LUNA: from November 1, 2020 to September 30, 2021 | 333 |
| Fig. 21.3 | Price Evolution of AMPL and Its Target Price: from July 1, 2019 to September 30, 2021 | 334 |
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