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

David Marcus, former head of Facebook's stablecoin project Diem, revealed the project's failure. Marcus stated that the project fully complied with regulatory requirements in 2021 and was ready for a small-scale launch, but US Treasury Secretary Yellen told Federal Reserve Chairman Powell that approving the project would be "political suicide." Subsequently, the Federal Reserve pressured banks to terminate their cooperation with the project. Custodia Bank CEO Caitlin Long responded that her company had experienced similar suppression.

Earlier news, a16z founder Marc Andreessen revealed on a podcast that more than 30 tech founders had been "de-banked" in the past four years.