U.S.-regulated cryptocurrency custody firm Anchorage is adding support for TRIBE, the governance token attached to the FEI stablecoin, which tanked terribly after attracting a record $1.2 billion in backing.
Thanks to a lot of hype and speculation, FEI, which employs a novel system of incentives and penalties to hold parity with the dollar, has turned out to be an unstable stablecoin at least since its explosive launch last week.
The support of Anchorage is intended to help the project find its feet, Anchorage co-founder Diogo Mnica said in an interview with CoinDesk.
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Given this is the most successful launch ever of a stablecoin in terms of liquidity, I think its very much expected to have some initial volatility, said Mnica. I do think its a very legitimate approach and Anchorages support will get more institutions on board.