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Facebook’s cryptocurrency is no more . The Diem Association — a group Facebook spearheaded to launch the Diem stablecoin — said Monday it will sell its intellectual property and assets to the California bank Silvergate, a go-to firm for the crypto industry.

Facebook unveiled the Libra cryptocurrency in June 2019 . The crypto ecosystem has changed drastically since then. In particular, some stablecoins have become incredibly popular — Tether and USD Coin have a combined circulating supply of more than $100 billion right now.

Facebook intended Diem to be a stablecoin which, as the name implies, is a type of cryptocurrency designed to be less of a financial rollercoaster, its value linked to less volatile assets such as national currencies or commodities .1 Şub 2022