Facebook-backed crypto project Diem to launch U.S. stablecoin
The HinduDigital currency group Diem Association, formally known as Facebook Inc's Libra project, plans to launch a U.S. dollar stable coin as it scales back its global ambitions to focus on the United States, the group said on Wednesday. The association, which comprises 26 financial firms and non-profits, said it was relocating its main operations from Switzerland to the United States and withdrawing its payment system license application with the Swiss financial regulator. Diem Networks U.S., a unit of the Deim Association, will run a blockchain-based payment system that allows real-time transfer of Diem stablecoins and will register as a money services business with the U.S. Department of the Treasury's Financial Crimes Enforcement Network, the group said. It said Libra, alongside partners like payment firms and credit card companies, would create a digital token backed by a wide mixture of currencies and short-term government debt.
History of this topic
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