Silvergate Using Acquisition for Stablecoin Launch

Meta (formerly Facebook) came under much criticism and scrutiny in its failed management of the stablecoin payment system it was developing, winding down development with the sale of the project known as Diem (formerly Libra). Its buyer? Silvergate Capital Corp., a crypto-focused bank that has intentions of using the technology acquired to help launch its own stablecoin payment service later this year, reports Bloomberg.