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Basis Cash: The failed algorithmic stablecoin Do Kwon didn’t learn from

CoinDesk revealed failed algorithmic stablecoin Basis Cash was created by Terra’s Do Kwon and BitClout’s Nader Al-Naji.

Here’s how crypto’s third largest stablecoin Terra (UST) collapsed

Third-largest stablecoin UST de-pegged from the US dollar, traded as low as $0.62, and lost over $4 billion in market capitalization.

Fir Tree, which manages $4 billion in assets, reckons Tether is backed by watery Chinese commercial paper tied to troubled real estate plays.

Coinbase wants a slice of the $700 billion remittance industry by encouraging Mexicans to use its stablecoin USDC instead of Pesos.

This is Tether’s timeline in full, starting in 1996 when its now chief financial officer was caught selling fake Microsoft software licenses.