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

David Marcus, the former head of Meta's (formerly Facebook) stablecoin project Diem, has revealed the inside story of the project's failure. Marcus stated that in 2021, the project had fully complied with regulatory requirements and was ready for a small-scale launch. However, US Treasury Secretary Yellen told Federal Reserve Chairman Powell that approving this project would be "political suicide". Subsequently, the Federal Reserve pressured banks to terminate their cooperation with the project. In response to this, Custodia Bank CEO Caitlin Long said her company faced similar pressure.

Previously reported news revealed that a16z founder Marc Andreessen disclosed on a podcast program that more than 30 tech founders have been "cut off" in the past four years. (DL News)