Basis, the most well-funded stablecoin startup, has confirmed that it is shutting down and returning all of its remaining funds to investors.

The company realized that the regulatory landscape was too unfavorable to launch the project, according to an interview published today in Forbes. The startup’s move to return funds to investors was first reported by crypto news site The Block.

Originally called Basecoin, Basis had secured $133 million in funding to build an algorithmic stablecoin. Its founder, Nader Al-Naji, frequently described the project using code to maintain price stability for its token in the same way the U.S. Federal Reserve does for the dollar.

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