United States Treasury Secretary Janet Yellen supposedly convinced Federal Reserve Chair Jerome Powell into killing the project, the former Meta executive said.
The former head of Meta’s (then Facebook’s) blockchain payments solution, Diem, has revealed the project ended after insurmountable political pressure from United States regulators.
“There was no legal or regulatory angle left for the government or regulators to kill the project. It was 100% a political kill—one that was executed through intimidation of captive banking institutions,” Diem co-creator David Marcus said in a Nov. 30 X post.
Meta’s Diem (formerly known as Libra) aimed to develop a decentralized payments network with a US dollar-integrated stablecoin when it launched in June 2019. It received support from the likes of Visa and PayPal — where Marcus previously served as President.
