The next debacle at IOTA: in October 2023, a stablecoin called USPlus was announced for the ecosystem with fanfare, but now the websites for it have been orphaned. But there is a questionable follow-up project.
IOTA was once the lighthouse project par excellence in the German-speaking crypto scene, but now the signs of dissolution are continuing apace. The most recent example: just eight months ago, IOTA Foundation head Dominik Schiener was still raving about how a native stablecoin called USPlus would revitalize the ecosystem. USPlus was backed by the crypto company Fluent Finance, whose website is now offline, as is the account at X.
Now we at Block Builders could simply pat ourselves on the back and point out that we already discovered fundamental warning signals last October when we analyzed USPlus and Fluent Finance.
But madness is a tradition in the IOTA ecosystem and you can follow it on X. ID.IOTA recently announced that Fluent has a successor company called Maseer. With the same manager Bradley, this company wants to attract 100 million US dollars of capital into the IOTA ecosystem by means of so-called RWAs (Real World Assets). These are, for example, blockchain-compatible representations of shares and other established asset classes. Also on X, the CEO of Maseer reiterates the goal and blames the US government for the closure of Fluent Finance.
Wait a minute: Fluent Finance claimed in 2023 to be able to cover its stablecoin USPlus with 1000,000 US dollars and now those responsible are reaching into the drawer for 100 million US dollars? And the failure of USPlus is being trivialized? But with the new RWAs project for IOTA, everything will be fine again? The principle of wishful thinking is writ large here and there is no reliable information.
Conclusion: IOTA completely detached from reality – what is Schiener doing?
IOTA Foundation head Dominik Schiener has chosen the symbolic photo IOTA 2.0 for his X account. Where his star developer Hans Moog actually ended up for this project remains his secret and reveals a lot about his understanding of his duty of care. However, he does not want to move away from his buddies at Fluent Finance aka Maseer, at least he does not comment on this situation. As far as we know, Schiener has also not commented on Soonaverse’s exit from the IOTA ecosystem.
Dear readers, we are not interested in any private feuds with German-speaking crypto celebrities. We want to provide you as an investor with information and background information that brings together the facts and could be relevant for investments. The “great” IOTA EVM – a complete failure, as of today. But now there are 100 million US dollars in TVL using RWAs and a stablecoin is no longer needed? Irony off – the show is reminiscent in some details of the circus that another German-speaking crypto celebrity, Julian Hosp, is co-organizing at DeFiChain. Just keep your hands off these musings and thank us later.
Leave a Reply