OTC trading - enabled by a global consensus...

The availability of a globally agreed upon consensus price will allow the underlying asset to be traded in a more non-custodial, over-the-counter (OTC) manner, directly between counterparties, resulting in more privacy and less regulation.

Decentralized trading directly between counter parties

Because both sides of the trade are observing the same price, block by block, they can come to a price agreement for a trade with both parties observing the same price. Trade clearing and settlement can be handled through any mutually beneficial process, whether on-chain or not.

OTC trades are typically handled differently with respect to reporting and regulations and can be undertaken and settled in a more private, decentralized manner.