The Facebook-backed Diem Association has decided to scale back its global plan after getting some pushback from regulators. It has now revealed a plan 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 to have created one stablecoin backed by a number of global currencies. But that will not happen for now. Diem has also withdrawn its application for a Swiss payment license from Switzerland’s FINMA financial regulator.
Facebook’s crypto project reboots with downsized ambitions
The Diem Assn., a group of Facebook Inc. and 25 other companies and nonprofit groups once known as Libra, is moving its main operations to the U.S. and partnering with a bank to issue a cryptocurrency backed by U.S. dollars.The new plan includes an agreement with Silvergate Capital Corp., a…
Link: Facebook’s crypto project reboots with downsized ambitions
via www.latimes.com
