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Facebook-Backed Diem Aims to Launch Stablecoin Pilot in 2021: Report
The pilot would see a single stablecoin pegged to the U.S. dollar.
Updated Sep 14, 2021, 12:42 p.m. Published Apr 20, 2021, 12:14 p.m.
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The Facebook-backed Diem project (formerly Libra) could launch a digital currency stablecoin pilot in 2021, according to reports.
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- The pilot will be launched with a single stablecoin pegged to the U.S dollar, CNBC reported Tuesday, citing a person familiar with the matter.
- It will be based largely on payments between individual consumers, potentially with the option for users to buy goods and services.
- The Diem project is currently in talks with Swiss regulators to secure a payment license.
- Originally named Libra when announced by Facebook in 2019, the project has experienced intense scrutiny from lawmakers and regulators and witnessed the departure of a string of partners.
- This culminated in the Libra Association scaling back its ambitions in April 2020, pivoting to the development of a number of stablecoins pegged to different currencies, as opposed to the original plan of a global digital currency backed by a basket of national currencies.
Read more: Facebook-Led Diem Could Become White-Label CBDC Provider: Citi Report
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