UST’s Do Kwon Was Behind Earlier Failed Stablecoin, Ex-Terra Colleagues Say – CoinDesk

“Yo degens, anyone remember what Basis was? It was one of the early ‘DeFi’ algorithmic stablecoins with high ambitions, but it was shut down due to SEC-related risks,” said Rick’s since-deleted Telegram account in the Basis Cash Telegram channel on Aug. 20, 2020. “Today we’re bringing Basis back from the grave.”