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A ponzi is if there is not actual asset backing the ponzi "values". Ie, the "stablecoin" will not actually hold value.

Wasn't Cashberry or something like this? Russian based? Ultimately no assets behind it, so when the music stopped they couldn't redeem the values.

No, a ponzi scheme is very specifically defined as an "investment fraud that pays existing investors with funds collected from new investors." (https://www.investor.gov/introduction-investing/investing-ba...)

A common part of the scheme is to promise high returns with little to no risk.