https://techmonitor.ai/technology/emerging-technology/facebook-diem-stablecoin-cryptocurrency

Diem, the digital currency project led by Facebook’s parent company Meta, has been cancelled, ending months of speculation about the stablecoin’s future. Meta and its partners have pulled the plug after running into significant opposition from regulators and politicians. And though many of these relate to Facebook’s reputation, whether other stablecoins can succeed as a viable method for consumer and business payments is questionable, particularly as central banks move to develop their own digital currencies.

Assets belonging to Diem are being sold off, it was widely reported this week, with the Wall Street Journal claiming that the Silvergate Bank is buying the currency’s underlying technology for $200m. Meta and Silvergate both declined to comment.