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Facebook's Diem Association shifts its focus to the US

The Facebook-backed Diem Association has revealed its plans to launch a stablecoin backed by the US dollar as it shifts its focus to the United States. Formerly known as Facebook's Libra Association, Diem was supposed to create a single stablecoin backed by a number of global currencies. After facing a ton of pushback from regulators around the world, though, the association changed its plans and decided to build a payment network wherein coins. ....

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Facebook-backed Diem withdraws FINMA application, shifts to US

Dive Brief:
The Facebook-backed Diem Association is withdrawing its application for a payments system license from the Swiss Financial Markets Authority (FINMA) and will move its primary operations to the U.S. from Switzerland, it said Wednesday.
The association said its subsidiary, Diem Networks U.S., will instead register as a money services business with the Treasury Department s Financial Crimes Enforcement Network (FinCEN) and run a blockchain-based payment system that allows the real-time transfer of U.S. dollar-backed stablecoins.
La Jolla, California-based Silvergate Bank will become the exclusive issuer of the stablecoin, Diem USD, and will manage the currency reserve, the association said. ....

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