According to TechFlow, on November 30, David Marcus, the former head of Meta's stablecoin project Diem, revealed the inside story of the project's failure. The 2021 project has met regulatory requirements, but U.S. Treasury Secretary Yellen told Federal Reserve Chairman Powell that approving the project would be "political suicide."
The Federal Reserve subsequently put pressure on banks to terminate their partnership with the project. Custodia Bank CEO Caitlin Long responded that her company had encountered similar suppression. Earlier, a16z founder Marc Andreessen revealed that more than 30 technology founders had their cards cut off in the past four years.