4 Reasons Why Facebook’s Stablecoin “Diem” is Dead on Arrival

Following a major rebranding and restrategizing announced in December 2020, the Facebook-backed Libra officially changed its identity to Diem, citing a new strategy, leadership, and vision. This move came as a result of the major central bank and government blowback in response to Facebook’s Libra conception in 2017 which spooked and antagonized many regulatory entities. They feared…