The Facebook stablecoin dream has shut down

The stablecoin was to be pegged to the USD. The move ends a nearly two-year-long bid to launch the stablecoin, which had faced stiff resistance from regulators around the world.

The Diem association's assets will be sold to Silvergate Bank, a crypto-focused bank in California that had partnered with the group to launch the digital currency, for USD 182 million. The acquisition includes development, deployment, and operations infrastructure and tools for running a blockchain-based payment network, the bank said in a statement.