Mark Zuckerberg, the CEO of Meta Platforms (FB), had great aspirations for the stablecoin initiative, but unfortunately, the future appears to be bleak. Notably, the stablecoin is a cryptocurrency with fixed pricing to avoid price swings during transactions. Unveiled in June 2019, the initiative named Libra Association was backed by Meta Platforms (earlier known as Facebook), and eventually rebranded as Diem in December 2020. The project's major goal was to use reliable digital money to revolutionize global financial services. Reportedly, The Diem Association is now intending to sell its assets in order to repay funds to its investment members.
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