Facebook To Launch Diem Stablecoin

Facebook-backed Diem Association will launch its Diem stablecoin.

A report fron Reuters states Facebook’s digital currency group Diem Association will launch its USD-pegged stablecoin dubbed Diem USD.

With this announcement comes certain changes on the operation that includes shifting to the Unites States from Switzerland as its main country.

Diem Association’s unit, the Diem Network US will run a blockchain-based payment system that allows real-time transfer of Diem stablecoins.

It also partnered with California-based Silvergate bank for the issuance and storage of Diem USD stablecoin.

This development comes as good news for the Facebook project that has seen pushbacks due to regulatory concerns.

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