Digital currency group Diem Association, formally known as Facebook Inc.’s Libra project, plans to launch a US dollar stablecoin as it scales back its global ambitions to focus on the US.
The association, which comprises 26 financial companies and non-profits, said it was relocating its main operations from Switzerland to the US and withdrawing its payment system license application with the Swiss financial regulator.
Stablecoins are digital currencies pegged to a fiat currency. California-based Silvergate Bank will issue the Diem USD stablecoin and manage the Diem USD reserve. Diem said it would launch a pilot of the stablecoin, but it did not say when.
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