https://techcrunch.com/2022/01/27/facebook-reportedly-ditches-diem-stablecoin-with-asset-sale/

The Diem Association, a consortium of companies working on a blockchain-based payment system, is selling its technology assets to Silvergate Capital for $200 million, according to a report from the WSJ. Meta, the company formerly known as Facebook, is one of the founding members of the association. Diem represented Facebook’s most ambitious bet on cryptocurrencies.

Earlier this week, Bloomberg also reported that Meta was working on selling Diem’s assets as a way to return some capital to the investors behind the project.