Crypto banking group Silvergate Capital further cooled its stablecoin ambitions last week, slashing the value of assets that it purchased from a defunct Facebook crypto project. Silvergate disclosed that it took a $196 million impairment charge during its final fiscal quarter last year, writing down the value of intellectual property and technology it acquired from Diem Group early last year. The revised figure represents a 98% loss compared to the $200 million it paid for the assets. Silvergate had planned to launch a stablecoin using the assets last year, announcing plans to do so in its third fiscal quarter of 2021. (decrypt)