Facebook About To Abandon Diem. It Could Be a Death Kiss for Stablecoins

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The Street

By Vidhi Choudhary Facebook is giving up on its global payment ambitions that were meant to give people the ability to trade a dollar-backed stablecoin. Tech giant Facebook, now called Meta Platforms (FB) – Get Meta Platforms Inc. Class A Report, is ditching its embattled crypto project that was supposed to be the company’s big foray into global payments and e-commerce. The move comes at a time when Founder and Chief Executive Mark Zuckerberg is transitioning the company away from its much-criticized social network and related family of apps and into what he calls an “embodied Internet” or the…

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