Silvergate Exchange Network (a subsidiary of Silvergate Capital) confirmed it was buying assets and intellectual property from Mark Zuckerberg’s Diem Group and hopes to launch a stablecoin by the end of the year.
If you remember, Diem was going to be Facebook’s stablecoin. It was not to be, mostly because it would have made Facebook the de facto world bank. Understandably, actual banks (and most governments) around the world had a bit of an issue with that.
Get ready for a bunch of CBDCs (central bank digital currencies) and a fair number of independent international stablecoins. (If the jargon is making you sad, check out our blockchain resource page and glossary.)
Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.