Stablecoin project Basis is shutting down and returning nearly all capital raised to investors

Basis, a well-known stablecoin project, is shutting down, according to multiple sources with direct knowledge
Basis will return nearly all funds raised to investors, according to a large investor in the company
The firm ran into regulatory headwinds and decided to stop operating, according to sources
Basis had raised $133 million and was one of the most funded projects in the red hot stablecoin market