Meta Stablecoin Project Diem Confirms Shut Down And 200M Asset Sale
It explained that the decision was made after it “became clear” that federal regulators would not allow the project to move ahead. In making the announcement, the association said it will sell those assets to Silvergate, a crypto-focused bank it was working with last year to launch a stablecoin pegged to the US dollar, for $200 million. “We remain confident in the potential for a stablecoin operating on a blockchain designed like Diem’s to deliver the benefits that motivated the Diem Association from the beginning....