The former head of Meta's stablecoin project Diem wrote that the project was forced to terminate due to political pressure

According to TechFlow, on November 30, according to DL News, David Marcus, the former head of the Diem stablecoin project under Meta (formerly Facebook), published an article revealing the inside story of the project's failure. Marcus said that the project was fully compliant with regulatory requirements in 2021 and was ready for a small-scale launch, but U.S. Treasury Secretary Yellen told Federal Reserve Chairman Powell that approving the project would be "political suicide." Subsequently, the Federal Reserve pressured the bank to terminate its partnership with the project.

In response, Custodia Bank CEO Caitlin Long said her company had suffered similar suppression. Earlier, a16z founder Marc Andreessen revealed in a podcast that more than 30 tech founders had their cards cut off in the past four years.