IOTA, once a shining beacon in the German-speaking cryptocurrency scene, finds itself embroiled in yet another controversy. This time, the focus falls on the abrupt disappearance of USPlus, a stablecoin announced with great fanfare in October 2023, and the questionable emergence of its supposed successor.
Dominik Schiener, head of the IOTA Foundation, previously championed USPlus as a revitalizing force for the IOTA ecosystem. However, just eight months later, both the websites for USPlus and its supposed backer, Fluent Finance, have vanished from the internet. This sudden disappearance raises serious concerns about the project’s viability and IOTA’s commitment to transparency.
Block Builders, a crypto analysis platform, claims to have identified red flags surrounding USPlus and Fluent Finance as early as last October. They point to the now-defunct websites as evidence of a project lacking a solid foundation.
Adding fuel to the fire, IOTA recently announced that Fluent Finance has been replaced by a new company called Maseer, with the same manager, Bradley. This new entity aims to attract a staggering $100 million into the ecosystem through “Real World Assets” (RWAs), essentially blockchain-based representations of traditional assets like stocks.
Maseer’s CEO, while touting the RWA project’s potential, blames the US government for Fluent Finance’s demise. This explanation seems dubious at best, considering Fluent Finance’s initial claim of US$1 million backing for USPlus. The stark contrast between the initial figures and the now-sought $100 million raises questions about accountability and the trivialization of USPlus’s failure.
Further clouding the picture is IOTA Foundation head Dominik Schiener’s silence on the situation. He continues to use an image symbolizing IOTA 2.0 on his social media profile, yet the whereabouts of Hans Moog, a key developer for the project, remain a mystery. This lack of transparency does little to inspire confidence in IOTA’s leadership.
The article by Block Builders emphasizes the importance of fact-based investment decisions and criticizes the “wishful thinking” surrounding IOTA projects. They point to the failure of the “great” IOTA EVM (Ethereum Virtual Machine) as another example of unfulfilled promises. The article concludes by comparing the situation to the turmoil surrounding DeFiChain, another German-speaking crypto project.
While the article uses strong language and may target specific individuals, its core message is clear: Investors deserve reliable information to make informed decisions. The disappearance of USPlus, the questionable emergence of Maseer, and the lack of transparency from IOTA’s leadership cast a long shadow on the project’s future. Only time will tell if IOTA can regain its lost luster or if it will fade further into the crypto twilight.
