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22 April 2021

$1.2 Billion Stablecoin Project Fei Stumbles Out of the Gate - Decrypt

$1.2 Billion Stablecoin Project Fei Stumbles Out of the Gate - Decrypt

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Not only has the coin traded below parity with the US dollar since its $1.2 billion launch—something of an issue for a coin that’s supposed to be pegged to the dollar—a bug has emerged that’s resulted in some users struggling to sell their coins.

"What happens next depends on what the contracts allow, but there are countless ways to recover from here." He added that while the coin’s price may recover, he doesn’t see the project as viable in the long term.

The idea is that this should incentivize people to buy it back to parity with the dollar.

The thinking is that this should help boost price.

Sirer challenges this idea, arguing that Fei’s incentive system actually reduces both supply and demand when the price is low—and this demand is what’s necessary to bring the token back to parity.

This could explain why the coin has fallen below parity since it launched on Sunday—and why it has struggled to move back toward the dollar mark.

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