Backing by fiat currency is not working in the crypto space, hence the USDT has the problem. Therefore the rest of stablecoins are back by the algorithm and so Psyche is.
Although surrounded by a lot of controversies, the most popular stablecoin today is Tether (USDT) and has the highest daily trading volume of any cryptocurrency after Bitcoin and Ethereum.
Psyche is an algorithm-based stablecoin, similar to Basecoin, right?
The stablecoin project Basis, which had received over $100 M in venture capital funding, shut down in December 2018.
What is your guarantee that this project will not suffer the same fate as Basis?