#BigTechStablecoin The hashtag #BigTechStablecoin primarily brings to mind Meta (formerly Facebook) and its ambitious, but ultimately unsuccessful, stablecoin project, Libra (later rebranded to Diem).

Here's why this is the most prominent example and the broader context:

The Prime Example: Meta (Facebook) and Diem (formerly Libra)

The Vision (Libra): In 2019, Facebook announced Libra, a proposed global stablecoin backed by a basket of low-volatility assets (like bank deposits and short-term government securities) and managed by an independent association. The goal was truly disruptive: to create a new global digital currency that could facilitate payments, remittances, and financial inclusion for billions of people, leveraging Facebook's vast user base.

The Backlash: The announcement met with immediate and intense global regulatory and political opposition. Governments, central banks, and financial regulators worldwide expressed severe concerns, including:

Monetary Sovereignty: Fears that a private, global currency controlled by a company like Facebook could undermine national currencies and central banks' control over monetary policy.

Financial Stability: Concerns about systemic risk if Libra achieved widespread adoption and its reserves weren't managed perfectly.

Anti-Money Laundering (AML) / Know Your Customer (KYC): Questions about how such a massive project would prevent illicit finance.

Privacy: Existing distrust of Facebook regarding user data amplified concerns about financial data.

Competition/Antitrust: Worries that a Big Tech company becoming a dominant financial player could stifle competition.

The Evolution (Diem): Due to the overwhelming regulatory pressure, Libra was scaled back, rebranded to Diem, and its scope significantly narrowed. The plan shifted from a multi-currency basket to a single-currency stablecoin (e.g., Diem USD). Key partners also began to drop out.

The End: In January 2022, after years of trying to get regulatory approval, the Diem Association announced it was winding down and selling its technology to Silvergate Capita