Meta’s experiment with cryptocurrency, Diem, is shutting down. Facebook intended Diem to be a stablecoin which, as the name implies, is a type of cryptocurrency designed to be less of a financial rollercoaster, its value linked to less volatile assets such as national currencies or commodities. Launched as Libra in 2019, the project quickly ran into opposition from policy-makers. The association said it became clear from “dialogue with federal regulators” that the project could not move ahead. Why do you think this will affect the DeFi charts ?

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