Basis stablecoin project will shut down and return all funds

The Basis stablecoin project must close operations due to regulatory difficulties. Basis received $133 million in funding as a highly anticipated stablecoin venture.
Closing up shop
According to yesterday’s report from The Block, intel from one Basis investor stated the presence of a contract indicating how the raised funds would be utilized.
The contract explained the majority of invested capital had to remain in its original form and untouched until Basis introduced their stabl