[johntb86]

It's the impossible trilemma - you can't have

* a fixed foreign exchange rate

* free capital movement (absence of capital controls)

* an independent monetary policy

As a stablecoin, they claimed to have

* A fixed exchange rate with the dollar

* Generally free movement in and out (except for the 21-day redemption period, etc.)

* an interest rate untethered to risk-free rates you could get on USD

so it was impossible for it to work.