Facebook-backed stablecoin project to wind down, report says

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The Facebook-backed Diem Association is preparing to wind down and sell off its remaining assets to a California-based bank, sources say.

The troubled stablecoin project will sell its technology to Silvergate Bank for around $200 million, a report in the Wall Street Journal said, quoting people familiar with the matter. A spokesperson for Diem declined to comment today (January 27).

Diem, formerly known as Libra, had hoped to build a form of global payment system backed by a pool of liquid

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