Facebook, which has recently renamed to Meta, announced in 2019 the development of its own fiat-backed digital currency.
The project was originally called Libra, but then the developers renamed it to Diem. After that, a special Diem Association structure was established for the promotion and negotiations with regulators.
This week, Meta has announced it will abandon the creation of the stablecoin and the team has decided to sell the rights to this crypto project for $200 million to Silvergate.
The Diem Association has emphasized that over the past two years, the creators of the stablecoin have been in talks with regulators in several countries and have even received permission from some to integrate the token into their financial system.
Meta wanted to introduce the coin in the first half of 2020, but then the company repeatedly put off the deadlines, and now it has completely abandoned the project.