The former head of Meta's stablecoin project Diem said the project was forced to terminate due to political pressure

11/30 10:43

Wechat scan to share

David Marcus, former head of Facebook's stablecoin project Diem, revealed the project's failure. Marcus stated that the project fully complied with regulatory requirements in 2021 and was ready for a small-scale launch, but US Treasury Secretary Yellen told Federal Reserve Chairman Powell that approving the project would be "political suicide." Subsequently, the Federal Reserve pressured banks to terminate their cooperation with the project. Custodia Bank CEO Caitlin Long responded that her company had experienced similar suppression.

Earlier news, a16z founder Marc Andreessen revealed on a podcast that more than 30 tech founders had been "de-banked" in the past four years.

Comments

All Comments

Recommended for you

cointelegraph · 04/16 02:08

CleanSpark to start selling Bitcoin in 'self-funding' pivot

CleanSpark plans to sell mined Bitcoin each month and has secured a $200M credit line from Coinbase Prime as it shifts toward self-funding operations.
CointimeSG · 04/16 01:51

Coinbase Monthly Outlook: How Do You Define a Crypto Bear Market?

BTC and the COIN50 Index have recently broken below their respective 200DMAs, which signals a potential bear market for crypto.
cointelegraph · 04/15 01:51

Mantra CEO says OM token recovery ‘primary concern’ but in early stages

Mantra CEO John Mullin has denied insider dumping and outlined plans for OM token recovery and ecosystem support after the token’s collapse, which could include buybacks.
Stephen Moore · 04/14 08:09

Vitalik Buterin says the app layer needs ‘good social philosophy’ most

Ethereum's co-founder pointed to Railgun and Polymarket as examples of apps with a good social philosophy, while Pump.fun and FTX are examples of bad social philosophy.
EMC Labs · 04/14 07:08

The “reciprocal tariff war” has entered its second phase, and global risk assets have begun to bottom out (04.07~04.13)

The main points of observation are whether the subsequent "reciprocal tariffs" will escalate conflicts, whether the Federal Reserve will cut interest rates "in a timely manner", and whether the US economy will fall into recession.
Crypto Daily · 04/14 07:08

M3 DAO and MetaMars Join Forces to Deepen Their Engagement in the Turkish Market, Promoting Ecological Development with Millions of KOLs

M3 DAO and MetaMars: Utilizing KOLs to Forge a New Journey in Turkey
EMC Labs · 04/14 07:08

"Reciprocal tariffs" caused the Nasdaq to fall into a technical bear market, and BTC once again stepped back on the annual line. The market expects the probability of a rate cut in June to exceed 90%.

The short-hand group is currently still under pressure of 16% floating losses, and the collapse of this group will lead to further price falls.
Mint Blockchain · 04/14 07:08

Understanding SuperchainERC20: The Key Solution for Asset Interoperability in the OP Superchain

SuperchainERC20 is a standard designed to achieve asset interoperability within the OP Superchain ecosystem.
Crypto Daily · 04/14 07:07

MarsChain Mainnet Launches, Empowering the Metaverse Blockchain Ecosystem

MarsChain team is closely collaborating with MetaMars to accelerate the construction of the MarsChain cross-chain bridge, aiming to break down barriers between blockchains and enable seamless circulation and interaction of assets and data.
Mint Blockchain · 04/14 07:07

Superchain Interoperability: From Fragmented Cross-Chain Liquidity to a Unified Native Liquidity Layer Future

In Season 7, OP Superchain has placed "Interoperability" at the core of its product vision to address this issue.