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Meta’s Diem Association has come to and end. In a statement on Monday, it announced it would “begin the process of winding down” both the group and its subsidiaries over the next few weeks. The Meta (former Facebook) project started under the name of Libra in June 2019
In Diem’s statement, CEO Stuart Levey said:
“A senior regulator informed us that Diem was the best-designed stablecoin project the U.S. Government had seen.”
Nevertheless, he said that “it became clear” from the group’s conversations with regulators that it would not be possible to launch Diem.
Diem has experienced serious headwinds since it was first announced in June 2019. Rumors appeared last week that Diem was looking to offload its assets to repay investors.
Later on the same day, Silvergate Bank announced in a press release that it is taking over Diem’s development, deployment and operations tools, as well as tools “for running a blockchain-based payment network” for remittances and other applications.
Silvergate, who partnered with the Diem Association last year with intentions to launch a dollar-backed stablecoin, issued $132 million in Class A common shares and paid an additional $50 million in cash to acquire the assets, the press release said.
Silvergate CEO Alan Lane said:
“We are committed to continuing to foster the open-source community that supports the technology, and we believe that existing contributors will be excited about our vision going forward.”
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Silvergate plans to launch a stablecoin by the end of this year.