UST's Do Kwon Was Behind Earlier Failed Stablecoin, Ex-Terra Colleagues Say

Do Kwon, the CEO of Terra creator Terraform Labs, was one of the pseudonymous co-founders behind the failed algorithmic stablecoin Basis Cash, CoinDesk reported Wednesday. From the report: Basis Cash (BAC) was a closely watched revival in decentralized finance (DeFi) circles when it launched on Ethereum in late 2020, just before the launch of terraUSD (UST), Terra's flagship stablecoin. Like UST, BAC sought to maintain a $1 peg through code, not collateral. But it failed: The token of this long-abandoned project never achieved its target of dollar parity, sank below $1 in early 2021 and was trading well below 1 cent on Wednesday.

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