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 Diem, a stablecoin project owned by Meta (formerly Facebook), published an article exposing the inside story of the project's failure. Marcus said that the project was fully compliant with regulatory requirements and ready for a small-scale launch in 2021, but US Treasury Secretary Janet Yellen told Federal Reserve Chair Powell that approving the project would be "political suicide". Subsequently, the Federal Reserve put pressure on banks to end their partnerships with the project. Custodia Bank CEO Caitlin Long responded by saying that his company had suffered a similar crackdown.
Previously, a16z founder Marc Andreessen revealed in a podcast that more than 30 tech founders have suffered "broken cards" in the past four years. (DL News)