The crypto bank Silvergate Capital (NYSE: SI) has been looking to launch a dollar-backed stablecoin for some time now.

Stablecoins are digital currencies pegged to a currency or a commodity. The goal is to take the benefits of a digital asset and its efficiency in the payments ecosystem and remove the volatility that often accompanies various cryptocurrencies.

Silvergate Capital delayed its stablecoin initiative in 2021, and on its recent third-quarter earnings call it said that it will not be able to launch a pilot this year, either, as initially promised. Is the project now dead in the water? 

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Source Fool.com