In the field of Digital Money, Meta (formerly Facebook)'s stablecoin project has attracted widespread attention. This project is not aimed at promoting the development of the Web3 ecosystem, but rather resembles a grand vision that mimics central banks or the International Monetary Fund (IMF).

In 2019, the Libra project was launched, marking a global attempt by tech giants to create a "digital dollar alternative." The Libra Association chose Switzerland as its headquarters, planning to introduce a cryptocurrency linked to a basket of fiat currencies, along with a complete governance structure and reserve model.

However, Libra faced strong resistance as soon as it was introduced. The U.S. Congress quickly responded, with the House Financial Services Committee holding a hearing just three days after the project's announcement, questioning whether Libra could threaten national sovereignty.

In the following three years, Zuckerberg was summoned to Congress multiple times to testify. To cope with regulatory pressure, Meta continuously adjusted its project plans: changing from multi-currency pegging to a single dollar peg, removing sensitive wording from the white paper, and striving to find partner banks. The project was also renamed from Libra to Diem, reflecting a compromise with reality.

Despite Meta's repeated concessions, its ambitions have become evident. Ultimately, in January 2022, the Diem project sold all its assets to SilverGate Bank for $200 million, marking the end of this ambitious cryptocurrency plan.

Meta's journey with stablecoins, although brief, reveals the determination of tech giants to enter the financial sector and the cautious attitude of regulators towards such cross-border attempts. This experience also provides us with valuable insights for contemplating the future development and regulation of Digital Money.