#BigTechStablecoin
A Big Tech stablecoin refers to a stablecoin — a cryptocurrency pegged to a stable asset like the US dollar — issued or backed by a major technology company (such as Meta, Apple, Google, or Amazon). These initiatives typically aim to leverage the tech giant’s user base and infrastructure to power digital payments, remittances, or e-commerce.
Here are the most notable examples and developments:
1. Diem (formerly Libra) – Meta (Facebook)
Company: Meta Platforms, Inc.
Initial Launch: Announced in 2019 as Libra.
Goal: Global digital currency backed by a basket of stable assets.
Rebranded: Renamed Diem in 2020 to move away from controversy.
Shutdown: Project faced intense regulatory pushback and was abandoned in 2022.
Legacy: The tech and team behind Diem were later acquired by Silvergate Bank, aiming to use the technology for other crypto services