Meta's Stablecoin Project "Diem" Confirms Shut Down and $200m Asset Sale
by janrinok from SoylentNews on (#5VP97)
upstart writes:
Meta stablecoin project Diem confirms shut down and $200m asset sale:
The Diem Association has read the writing on the wall and called it quits, confirming on Monday it will sell off its Diem Payment Network assets.
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.
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