Facebook-backed Diem is moving its stablecoin project to the U.S.

First there was Libra, Facebook’s ambitious project to create a Swiss-based, global digital currency. Then Libra was no more; following massive regulatory pressure, the project’s scope was narrowed and the name was changed to Diem. 

And now, the project isn’t even Swiss-based anymore, as Diem’s primary operations are being moved from Switzerland to the United States. 

On Wednesday, Diem Association announced it has partnered with U.S.-based Silvergate Capital Corporation, whose Silvergate Bank will be the exclusive issuer of the upcoming Diem USD stablecoin. 

“We are committed to a payment system that is safe for consumers and businesses, makes payments faster and cheaper, and takes advantage of blockchain technology to bring the benefits of the financial system to more people around the world. We look forward to working with Silvergate to realize this shared vision,” Stuart Levey, chief executive officer of Diem, said in a statement.   Read more…

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