Snail, Inc.

Item 1A. Risk Factors.

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risk factors described below as well as under the Risk Factors section in Part I Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 (the 2025 Annual Report), and any other periodic or current report that we file with the SEC, together with all of the related financial statements and notes thereto. Other than as set forth below, we have not identified any material changes to the risk factors previously disclosed in the Annual Report.

Risks Related to Our Business and Industry

Failure to meet Nasdaqs continued listing requirements could result in the delisting of our Class common stock, negatively impact the price of our Class A common stock and negatively impact our ability to raise additional capital.

Our Class A common stock is listed on the Nasdaq Stock Market (Nasdaq). If we fail to satisfy the continued listing requirements of The Nasdaq Capital Market such as the corporate governance requirements, the stockholders equity requirement or the minimum closing bid price requirement, The Nasdaq Capital Market may take steps to de-list our Class A common stock.

On December 30, 2025, we received a deficiency letter written notice from the Listing Qualifications Department (the Staff) of tThe Nasdaq Stock Market LLC (Nasdaq) notifying us that, for thirty (30) consecutive business days from November 11, 2025 through December 29, 2025, the bid price for oour Class A common stock had closed below thedid not maintain a minimum closing bid price of $1.00 per share requirement for continued inclusion on the Nasdaq Capital Market pursuant to(the Minimum Bid Price Requirement) as required by Nasdaq Listing Rule 5550(a)(2) (the . At that time, we were afforded 180 calendar days, or until June 29, 2026, to regain compliance with the Minimum Bid Price Rule). In accordance with Nasdaq rules,equirement. Compliance could have been achieved if the closing bid price of our Class A common stock we hare at or above a com$1.00 for a minimum of ten (10) consecutive business days at any time during the 180-day compliance period of 180 calendar , although Nasdaq may require the closing bid price to equal or to exceed the $1.00 minimum bid price requirement for more than ten (10) consecutive business days, or until June 29 before determining that a company complies.

On March 26, 2026 (, we received anothe Compliance Date), to regar deficiency letter from the Nasdaq Staff notifying us that we were not in compliance with the Bid Price Rule. Trequirement to maintain a minimum of $500,000 in net income from continuing operations in the Staff informed usmost recently completed fiscal year, or two of that if, at any time before the Compliance De last three fiscal years (the Net Income Requirement). Although we reported net income from continuing operations in our Condensed Consolidated State,ment of Operations for the bid price foryear ended December 31, 2024, we reported net losses from continuing operations in our Class A common stock closondensed Consolidated Statements of Operations for the years ended December 31, 2023 and 2025. Additionally, we did not meet either of the alternative Nasdaq continued listing standards under the Nasdaq Listing Rules, which include (i) a market value of listed securities of at $1.00 or more fleast $35 million or (ii) a minimum of ten (10) consecustockholders equity requirement of at least $2,500,000 (collective business days (or such additional number of days as ly with the Net Income Requirement, the Nasdaq Requirements).

In accordance with Nasdaq rules, we submitted a plan to the Staff to regain compliance (the Compliance Plan) with the Nasdaq Requirements on May 11, 2026. On May 20, 2026, we received a letter from Nasdaq may require),(the Extension Letter) stating the Staffat the Compliance Plan was accepted and that we would prohave until September 22, 2026, to evide written notificatnce compliance with the Nasdaq Requirements. The Extension to usLetter further stated that it cf we fail to evidence compliedance with the Bid Price Rule and tNasdaq Requirements upon filing our quarterly report for the matter quarter ending September 30, 2026, our Class A common stock will be closed.

We intend to actively monitorsubject to delisting.

On July 1, 2026, we received written notice from the closiNasdaq Staff notifying bid price of theus that Nasdaq had determined to delist our Class A common stock and, as appropriate, will consider available options to regain  from The Nasdaq Capital Market as a result of our continued noncompliance with the Minimum Bid Price Rrequirement, includ (the Staff Determination). We subsequently requested a hearing considebefore the Nasdaq Hearing seekings Panel (the Panel) to effect a reverse stock split, if necessary. While we plan to review all available options, tappeal the Staff Determination, and a hearing is scheduled for August 13, 2026. The hearing request automatically stayed any suspension or delisting action pending the hearing and the expiration of any additional extension period granted by the Panel following the hearing. There can be no assurance that we the Company will be successful in any appeal or that it will be able to regain compliance with the Minimum Bid Price ReNasdaqs listing requirement durings within the 180-calendar dtimeframe that may compliance period. We will not be eligible for an extensionbe provided by the Panel, or at all.

On July 2, 2026, we effected the Reverse Stock Split of our outstanding shares of theClass A compliance period. If at any time we do not satisfy the continumon stock and Class B common stock at a ratio of 1-for-5. The Class A common stock began trading on the Nasdaq Capital Market on a split-adjusted listing requirements ofbasis on July 6, 2026. On July 21, 2026, we received a letter from the Nasdaq, including Staff confirming that we had then regained compliance with the Minimum Bid Price Rule, within tequirement. The time frame granletter further noted by Nasdaq, our Class A common stockthat the hearing on August 13, 2026 will be delistproceed as scheduled due to our continued from thnoncompliance with the Nasdaq.  Requirements.

Any perception that we may not regain compliance or a delisting of our Class A common stock by Nasdaq could adversely affect our ability to attract new investors, decrease the liquidity of the outstanding shares of our Class A common stock, reduce the price at which such shares trade and increase the transaction costs inherent in trading such shares with overall negative effects for our stockholder. In addition, delisting of our Class A common stock from Nasdaq could deter broker-dealers from making a market in or otherwise seeking or generating interest in our Class A common stock, and might deter certain institutions and persons from investing in our Class A common stock. In addition, if our Class A common stock was delisted, our Class A common stock would be subject to rules that impose additional sales practice requirements on broker-dealers who sell our securities. The additional burdens imposed upon broker-dealers by these requirements could discourage broker-dealers from effecting transactions in our Class A common stock. This would adversely affect the ability of investors to trade our Class A common stock and would adversely affect the value of our Class A common stock. These factors could contribute to lower prices and larger spreads in the bid and ask prices for our Class A common stock.

On March 26, 2026, we received a deficiency letter (the Letter) from the Nasdaq Staff notifying usWe expect to implement that we are not in ce Compliance with the requirement to maintain a minimum of $500,000 in net income from continuing operationsPlan, which may in the most recently completed fiscal year, or two of the last three fiscal years (the Net Income Requirement). In our Annual Reports on Form 10-K for the year ended December 31, 2023, 2024, and 2025, we reported net income from continuing operations in 2024 and net loss from continuing operations in 2025 and 2023. Additionally, we did not meet either of the alternative Nasdaq continued listing standards under the Nasdaq Listing Rules, which include (i) a market value of listed securities of at least $35 million or (ii) a minimum stockholders equity requirement of at least $2,500,000 (collectively clude, but is not limited to, potential equity financing and/or debt conversion arrangements or similar transactions, with the Net Income Requirement, the Nasdaq Requirements).

In accordance with Nasdaq rules, we had 45 calendar days, or until May 11, 2026, to submit a plan to the Staff tointention of regain compliance (the Cing compliance Plan) with the Nasdaq Requirements, which Compliance Plan we submitted within the time provided. If the Compliance Plan is accepted, Nasdaq can g. However, there is no assurant an extension of up to 180 calendar days from the date of the Letter for us to evidence compliance. Executing the Compliance Plan may include, but is not limited to, pursuing potential equity and/or debt financing arrangece that we will be successful in implements or similar transactions. However, there is no assurance that the ing our Compliance Plan will be accepted by Nasdaq, or even if it is accepted, that we will ultimately be able to  and regainining compliance with the Nasdaq Requirements within the allotted extensiontime period, which.

On may be lessJuly 22, 2026, than 180 calendar days.

Nasdaqe SEC has recently approposved a new rule change proposed by Nasdaq to (i) adopt Listing Rules 5450(a)(3) and 5550(a)(6) to require issuers listed on the Nasdaq Global and Capital Markets, respectively, to maintain a minimum Market Value of Listed Securities (as defined in Nasdaq Listing Rule 5005(a)(23)) of at least $5 million for a period of thirty (30) consecutive business days, and (ii) amend Rule5810 to suspend trading and immediately delist from Nasdaq securities of issuers that do not satisfy the proposed new requirements, and Rule 5815 to set forth the procedures for requesting a hearing before a Hearings Panel and the scope of the Panels discretion (collectively, the Propos $5 Million MVLS Rule). On July 29, 2026, the $5 million MVLS Rule was automatically stayed pending further review by the SEC. We cannot predict when or whether the $5 Mmillion MVLS Rule) will become effective. As of the date of the filing of this Quarterly Report the market value of our listed securities is less than $5 million. If the $5 million MVLS Rule becomes effective again, we may take actions to increase our Market Value of Listed Securities in order to comply with the $5 million MVLS Rule, and these actions could result in dilution to our existing stockholders.

The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as covered securities. Because our Class A common stock is listed on Nasdaq, our shares of Class A common stock are covered securities. Although the states are preempted from regulating the sale of covered securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case. Further, if we were to be delisted from Nasdaq, our shares of Class A common stock would cease to be recognized as covered securities and we would be subject to regulation in each state in which we offer our securities.

As mentioned above, in the event of a delisting, we would take actions to restore our compliance with the Nasdaq listing requirements, but we can provide no assurance that any such action taken by us would allow our Class A common stock to become listed again, stabilize the market price or improve the liquidity of our Class A common stock or prevent our Class A common stock from meeting the mandatory Nasdaq listing requirements.

We are dependent on the future success of our ARK franchise, and we must continue to publish hit titles or sequels to such hit titles in order to compete successfully in our industry.

ARK is a hit product and has historically accounted for a substantial portion of our revenue. The ARK franchise contributed 85.74.6% of our net revenue for the threesix months ended March 31June 30, 2026, and our five best-selling franchises (including ARK), which may change year over year, in the aggregate accounted for 97.81% of our net revenue for the threesix months ended March 31June 30, 2026. If we fail to continue to develop and sell new commercially successful hit titles or sequels to such hit titles or experience any delays in product releases or disruptions following the commercial release of our hit titles or their sequels, our revenue and profits may decrease substantially, and we may incur losses. In addition, competition in our industry is intense and a relatively small number of hit titles account for a large portion of total revenue in our industry. Hit products offered by our competitors may take a larger share of consumer spending than we anticipate, which could cause revenue generated from our products to fall below our expectations. If our competitors develop more successful products or services at lower price points or based on payment models perceived as offering better value, or if we do not continue to develop consistently high-quality and well-received products and services, our revenue and profitability may decline.

We derive a significant portion of our revenue from a limited number of customers, and therefore are subject to customer concentration and collectability risks.

We had twohree customers as of March 31June 30, 2026 and two customers as of December 31, 2025, who accounted for approximately 719% and 73% of our consolidated gross receivables, respectively. Among the twohree customers as of March 31June 30, 2026, one accounted for 53% and42%, 24% another accounted for 18%,d 13% of the consolidated gross receivables. Among the two customers as of December 31, 2025, one accounted for 56% and another accounted for 17%, of the consolidated gross receivables outstanding. We had twohree customers in the threesix months ended March 31June 30, 2026 and four customers as of March 31June 30, 2025, that accounted for 6 58%, 12% and 110% and 44%, 149%, 142% and 120% of our net revenue, respectively. Management monitors customer creditworthiness and payment trends on an ongoing basis; however, there can be no assurance that such measures will fully mitigate the risks associated with customer concentration. We continue to evaluate opportunities to diversify our customer base, although there can be no assurance that these efforts will be successful.

We rely on license agreements to publish certain games, including games in our ARK franchise. Failure to renew our existing content licenses on favorable terms or at all or to obtain additional licenses would impair our ability to introduce new games, improvements or enhancements or to continue to offer our current games, which would materially harm our business, results of operations, financial condition and prospects.

We license certain intellectual property rights from third parties, including related parties, and in the future, we may enter into additional agreements that provide us with licenses to valuable intellectual property rights or technology. In particular, we license intellectual property rights related to our ARK franchise from SDE, the parent company of Studio Wildcard, which is also an entity that is owned and controlled by the spouse of our Founder, Chief Executive Officer, Chief Strategy Officer and Chairman, Mr. Shi. We entered into an original exclusive software license agreement with SDE in November 2015, for the rights to ARK: Survival Evolved, which ARK1 License Agreement was subsequently amended and restated ARK1 License in December 2022 and further amended on multiple occasions. As amended, the ARK1 License Agreement expires in 2035, with provisions for automatic renewal for three-year terms unless either party elects not to renew. The ARK 1 License Agreement may also be terminated early for material breach or insolvency by either party. The terms of our license agreements with SDE may differ from those terms which would be negotiated with independent parties. In addition, we may have disputes with SDE that may impact our business, results of operations, financial condition and/or prospects. The ARK franchise contributed 85.73.0% of our net revenue for the three months ended March 31June 30, 2026. Even if our games that are dependent on third-party license agreements remain popular, any of our licensors could decide not to renew our existing license agreements or not to license additional intellectual property rights to us and instead license to our competitors or develop and publish its own games or other applications, competing with us in the marketplace. Moreover, many of our licensors develop games for other platforms and may have significant experience and development resources available to them should they decide to compete with us rather than license to us. For additional information concerning our license arrangements, including licensing agreements with affiliated third parties, see Item 1 of Part I, BusinessIntellectual Property, included in the Annual Report.

Failure to maintain or renew our existing material licenses or to obtain additional licenses could impair our ability to introduce new games and new content or to continue to offer our current games, which could materially harm our business, results of operations and financial condition. If we breach our obligations under existing or future licenses, we may be required to pay damages and our licensors may have the right to terminate the license or change an exclusive license to a non-exclusive license. Termination of our license agreements by a material licensor, such as SDE, would cause us to lose valuable rights, such as the rights to our ARK franchise, and would inhibit our ability to commercialize future games, which would harm our business, results of operations and financial condition. In addition, certain intellectual property rights may be licensed to us on a non-exclusive basis. The owners of nonexclusively licensed intellectual property rights would be free to license such rights to third parties, including our competitors, on terms that may be superior to those offered to us, which could place us at a competitive disadvantage. Moreover, our licensors may own or control intellectual property rights that have not been licensed to us and, as a result, we may be subject to claims, regardless of their merit, that we are infringing or otherwise violating the licensors rights. In addition, the agreements under which we license intellectual property rights or technology from third parties and related parties are generally complex, and certain provisions in such agreements may be susceptible to multiple interpretations. The resolution of any contract interpretation disagreement that may arise could narrow what we believe to be the scope of our rights to the relevant intellectual property or technology or increase what we believe to be our financial or other obligations under the relevant agreement. Any of the foregoing could harm our competitive position, business, financial condition, results of operations and prospects.

We rely on third-party platforms, such as Xbox Live and Game Pass, PlayStation Network, Steam, Epic Games Store, My Nintendo Store, the Apple App Store and the Google Play Store, to distribute our games and collect revenues generated on such platforms and rely on third-party payment service providers to collect revenues generated on our own platforms.

Our games are primarily purchased, accessed and operated through Xbox Live and Game Pass, PlayStation Network, Steam, Epic Games Store, My Nintendo Store, and in the case of our mobile games, the Apple App Store and the Google Play Store. Substantially all of the games, DLC and in-game virtual items that we sell are purchased using the payment processing systems of these platforms and, for the threesix months ended March 31June 30, 2026, 96.80% of our revenues were generated through Xbox Live and Game Pass, PlayStation Network, Steam, Epic Games Store, My Nintendo Store, the Apple App Store, and the Google Play Store. Consequently, our expansion and prospects depend on our continued relationships with these providers, and any other emerging platform providers that are widely adopted by our target players. In addition, having such a large portion of our total net revenues concentrated in a few counterparties reduces our negotiating leverage. We are subject to the standard terms and conditions that these platform providers have for game developers, which govern the content, promotion, distribution, operation of games and other applications on their platforms, as well as the terms of the payment processing services provided by the platforms, and which the platform providers can change unilaterally on short notice or without notice. As such, our business would be harmed if:

Moreover, if our platform providers do not perform their obligations in accordance with our platform agreements or otherwise meet our business requirements, we could be adversely impacted. For example, in the past, some of these platform providers have experienced outages for short periods of time, unexpectedly changed their terms or conditions, or experienced issues with their features that permit our players to purchase games or in-game virtual items. In addition, if we do not adhere to the terms and conditions of our platform providers, the platform providers may take actions to limit the operations of, suspend or remove our games from the platform, and/or we may be exposed to liability or litigation. For example, in August 2020, Epic Games, Inc. (Epic Games), attempted to bypass Apple and Googles payment systems for in-game purchases with an update that allowed users to make purchases directly through Epic Games in its game, Fortnite. Apple and Google promptly removed Fortnite from their respective app stores, and Apple filed a lawsuit seeking injunctive relief to block the use of Epic Games payment system and sought monetary damages to recover funds made while the updated version of Fortnite was active.

If any such events described above occur on a short-term or long-term basis, or if these third-party platforms and online payment service providers otherwise experience issues that impact the ability of players to download or access our games, access social features, or make in-game purchases, it would have a material adverse effect on our brands and reputation, as well as our business, financial condition and results of operations.

Our business is subject to our ability to develop commercially successful products for the current video game platforms, which may not generate immediate or near-term revenues, and as a result, our business and operating results may be more volatile and difficult to predict during console transitions than during other times.

We derive most of our revenue from publishing video games on third-party platform providers, such as Xbox Live and Game Pass, PlayStation Network, Steam, Epic Games Store, the Apple App Store, the Google Play Store and My Nintendo Store, which, in the aggregate, comprised 96.80% of our net revenue by product platform for the threesix months ended March 31June 30, 2026. The success of our business is subject to the continued popularity of these platforms and our ability to develop commercially successful products for these platforms.

Historically, when next generation consoles are announced or introduced into the market, consumers have typically reduced their purchases of products for prior-generation consoles in anticipation of purchasing a next-generation console and products for that console. During these periods, sales of the products we publish may decline until new platforms achieve wide consumer acceptance. Console transitions may have a comparable impact on sales of DLC, amplifying the impact on our revenues. This decline may not be offset by increased sales of products for the next-generation consoles. Moreover, it typically takes time before we have products available on next generation consoles. In addition, as console hardware moves through its life cycle, hardware manufacturers typically enact price reductions, and decreasing prices may put downward pressure on software prices. During console transitions, we may simultaneously incur costs both in continuing to develop and market new titles for prior-generation video game platforms, which may not sell at premium prices, and also in developing products for next-generation platforms, which may not generate immediate or near-term revenues. As a result, our business and operating results may be more volatile and difficult to predict during console transitions than during other times.

Tax law or tax rate changes could affect our effective tax rate and future profitability.

Our effective tax rate was 53.7% and 43(200.1)% for the threesix month periods ended March 31June 30, 2026 and 2025, respectively. In general, changes in applicable U.S. federal and state and foreign tax laws and regulations, or their interpretation and application, including the possibility of retroactive effect, could affect our tax expense. In addition, taxing authorities in many jurisdictions in which we operate may propose changes to their tax laws and regulations. These potential changes could have a material impact on our effective tax rate, long-term tax planning and financial results.

Tariffs may cause cost increases and disruptions in technical RD operations.

We rely substantially on third-party providers located in China and Europe to support our technical research and development initiatives. As a result, a significant portion of our RD functions, including critical technical development and software engineering, are outsourced internationally. Recent and potential future trade policy changes, including the imposition or extension of tariffs on imported goods and services from China and Europe pose a material risk to our cost structure. Such tariffs may increase the costs of components, services, and skilled labor sourced from these regions, potentially resulting in higher operating expenses and reduced profit margins. In addition, tariff-induced supply chain disruptions could delay project timelines and necessitate a re-evaluation of our global outsourcing strategy, thereby adversely affecting our competitive position and financial performance.

We may require additional financing to sustain our operations, without which we may not be able to continue operations, and the terms of subsequent financings may adversely impact our stockholders.

We have issued convertible notes to certain investors in the aggregate principal amount of $6.6 million, and we may seek to issue an additional $4.4 million in convertible notes to such investors in the future. In addition, on August 7, 2025, we entered into an At The Market Offering Agreement (the Sales Agreement) with H.C. Wainwright Co. as sales agent to sell shares of our Class A common stock from time to time in an at the market offering (the ATM Offering). Pursuant to a prospectus supplement, dated August 7, 2025, and accompanying base prospectus, we may offer and sell shares of our Class A Common Stock from time to time under the Sales Agreement having an aggregate offering price of up to $4,5003,660,000 in the ATM Offering.

Even if we issue an additional $4.4 million in convertible notes, we may still need additional capital to finance our future plans and working capital needs, and we may have to raise funds through the issuance of equity or debt securities. Depending on the type and the terms of any financing we pursue, stockholders rights and the value of their investment in our Class A common stock could be reduced. A financing could involve one or more types of securities including Class A common stock, convertible debt, or warrants to acquire Class A common stock. These securities could be issued at or below the then prevailing market price for our Class A common stock. If the issuance of new securities results in diminished rights to holders of our Class A common stock, the market price of our Class A common stock could be negatively impacted. The Securities Purchase Agreements applicable to the convertible notes prohibit us from entering into certain variable rate transactions so long as the convertible notes remain outstanding and provide that. To the extent we require additional funding, we will therefore be limited in the types of fundraising that we are able to pursue in compliance with these Securities Purchase Agreements so long as the convertible notes are outstanding.

Subject to certain limitations in the sales agreement and compliance with applicable law, we have the discretion to deliver placement notices to the Sales Agent in the ATM Offering at any time throughout the term of the sales agreement. The number of shares of Class A common stock that are sold by the Sales Agent as our Sales Agent after we deliver a placement notice will fluctuate based on the market price of the Class A common stock and the trading volume of our Class A common stock during the sales period and limits we set with the Sales Agent. In addition, we may issue and sell shares of our Class A common stock having aggregate gross proceeds of up to $4,500,0003.5 million from time to time in the ATM Offering. Because there is no minimum offering amount required as a condition of the ATM Offering, the actual total offering amount in such offering, commissions and proceeds to us, if any, are not determinable at this time. The amount of proceeds from the ATM Offering will depend upon the number of shares of our Class A common stock sold and the market price at which they are sold. There can be no assurance that we will be able to sell any shares of our Class A common stock under or fully utilize the Sales Agreement with the Sales Agent as a source of financing.

Should the financing we require to sustain our working capital needs be unavailable or prohibitively expensive when we require it, the consequences could be a material adverse effect on our business, operating results, financial condition, and prospects.

Risks rRelatinged to Stablecoins

We may require additional capital to support our strategic digital asset initiative, and implementing such initiative may subject us to various licensing requirements and significant compliance costs.

We recently announced our intention to explore a strategic digital asset initiative that includes the evaluation and feasibility of our own proprietary stablecoin backed by U.S. dollars.

The regulatory environment for stablecoins and digital assets is rapidly evolving in the United States and globally. There is a significant uncertainty regarding how federal and state regulators will apply existing laws, implement Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (GENIUS Act of 2025) or adopt new regulations with respect to stablecoin issuances. Changes in laws, regulations, or interpretations could require us to modify or cease our strategic digital asset or stablecoin initiative, subject us to possible enforcement actions, or result in significant compliance costs.

We may be required to seek additional capital to implement our strategic digital asset and stablecoin initiative as we may be required to be licensed as a money transmitter, payment services provider, bank, financial institution, custodian, broker-dealer, exchange, or otherwise in the United States or other jurisdictions which could result in significant costs and have a negative impact on our business, operational result and financial condition.

Any negative publicity regarding stablecoins or the broader digital asset industry may have an outsized negative effect on consumer confidence in our proposed proprietary stablecoins.

As in the case with other novel technology, compared to more established and well-known industries, any negative publicity regarding blockchain technology and digital assets companies could have an outsized negative effect on confidence in blockchain technology in general and our proposed proprietary stablecoins in particular. For example, since the inception of blockchain technology, there have been incidents of smart contract developers acting maliciously and misappropriating funds, and numerous digital assets businesses and platforms have been sued, investigated, or shut down due to fraud, illegal activities, the sale or issuance of unregistered securities, manipulative practices, business failure, and cyberattacks or security breaches. In addition, the energy usage and environmental impact of certain blockchains have attracted considerable attention, which could potentially create a negative consumer sentiment and perception of digital assets and delay a wider acceptance and use of our proposed proprietary stablecoins, whether or not our proposed stablecoins are available on those blockchains.