Basis, backed with $133 million from top VCs to build a price-stable cryptocurrency, say…

Earlier this year, we told you about a now 18-month-old, Hoboken, N.J.-based cryptocurrency startup working on a “stable coin” whose elastic supply would ostensibly expand and contract to keep its value at about a dollar instead of all over the map. The company’s big idea: to develop a new token that people would actually use, instead of use to speculate.

Investors — a lot of them — fell in love with the concept. In fact, eight months ago, Basis landed $133 million in funding from Bain Capital Ventures, GV, longtime hedge fund manager Stan Druckenmiller, one-time Federal Reserve governor Kevin Warsh, Lightspeed Venture Partners, Foundation Capital, Andreessen Horowitz, WingVC, NFX Ventures, Valor Capital, Zhenfund, Ceyuan, Sky9 Capital, Digital Currency Group and others.

Today, that same team, led by CEO Nader Al-Naji — who co-founded the company with former Princeton classmates Lawrence Diao and Josh Chen — says it is shutting down the project. Basis is also…