Diem Association developed and tested the Diem Payment Network, a blockchain-based payments initiative designed to enable open, instant, low-cost money movement and broader access to financial services. Its proposed system included reserve-backed stablecoins, validator-operated blockchain infrastructure, open-source developer tools, and the Move programming language. In January 2022, the Association announced the sale of intellectual property and other assets related to the network to Silvergate, stating that the project could not move ahead and that it and its subsidiaries expected to begin winding down.
