Facebook’s New Stablecoin Aims a ‘Big Comedown’ from Grand Libra Plans

Once heralded as the future of global finance, it appears that the Facebook-led Diem project (formerly Libra) is now set to launch in the United States as a USD-pegged stablecoin. In a press release, Facebook and its Diem partners announced that it would be teaming up with the American crypto player and chartered bank Silvergate and make what it called a “strategic shift

Diem parters with Silvergate bank to launch stablecoin in the US

Facebook-initiated Diem Association announces a new model of its upcoming stablecoin that is set to be issued by California state-chartered bank Silvergate. Facebook-backed digital currency project, the Diem Association, has partnered with cryptocurrency-friendly bank Silvergate to launch a stablecoin pegged to the United States dollar.Diem announced Wednesday a new model of its upcoming stablecoin, relocating its main operations from Switzerland to the United States and withdrawing its application for a payment system license from the Swiss Financial Markets Authority.The association, which comprises of 26 financial firms including Nasdaq-listed cryptocurrency exchange Coinbase, is now planning to move forward with its USD stablecoin plans through Silvergate bank, which is set to be the issuer of the Diem USD and will manage the Diem USD reserve.Diem Networks US, Diem’s wholly-owned subsidiary, will run the Diem Payment Network, a permissioned blockchain-based payment system facilitating Diem stablecoin transactions.While Silvergate is a California state-chartered bank and a member of the Federal Reserve, Diem Networks US is seeking to register as a money services business with the US Department of the Treasury's Financial Crimes Enforcement Network, the announcement notes.“We believe in the future of US dollar backed stablecoins and their potential to transform existing payment systems,” Silvergate CEO Alan Lane said.

Facebook Diem Project to Launch USD Stablecoin after Dropping Swiss License Application Plan

Diem Association is planning to move its main operations from Switzerland to the United State.

Facebook's Crypto Ambitions Stumble Forward With Plans for US Stablecoin

The Facebook-backed Diem Association announced plans for a US stablecoin pilot but did not provide more details.

Mark Zuckerberg’s Goat, “Bitcoin”, Ignites Conspiracy Theories

Yesterday, Mark Zuckerberg, founder and CEO of Facebook, revealed he’d named one of his goats “Bitcoin”.

Facebook-Backed Crypto Diem Updates Launch Plan — Will Take a ‘Phased Approach’

The cryptocurrency proposed by social media giant Facebook is gearing up to launch using a “phased approach,” its co-creator explains.

Diem Launch, Deutsche CELO, Binance.US CEO, BlockFi's Crypto Dad + More News

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. Stablecoin news The Facebook-backed Diem Association (formerly Libra) is aiming to launch a pilot with a single stablecoin pegged to the USD in 2021, CNBC reported, citing an undisclosed person familiar with the matter.

Facebook’s Diem Stablecoin Could be Launched by the End of 2021: Report

Announced in 2019, Facebook-backed stablecoin, which went through numerous changes – Diem – could see the light of day by the end of 2021. 

Facebook-backed Diem Association reportedly to launch stablecoin pilot in 2021

An anonymous source has told reporters that the first Diem pilot will focus on transactions between individual consumers. Facebook-backed digital currency project Diem could yet launch its first stablecoin in 2021 as a small-scale pilot, according to an anonymous source.  Cited in a CNBC report published on April 20, the source claimed that the Switzerland-based nonprofit The Diem Association is still intending to launch its pilot for a United States dollar-backed stablecoin later this year.  Back in Nov.

Facebook Crypto Project VP Leaves for Circle

Circle has hired Dante Disparte as chief strategy officer.

UK authorities to focus on stablecoin regulations to prevent monopolies

British regulators have identified the stablecoin market as their primary assignment amid efforts to create a legal framework for virtual currencies in the country. John Glen, the United Kingdom's financial services minister, has said that stablecoins will be the main focus of the government’s crypto regulatory activity. Glen made delivered his comments while addressing a conference organized by City & Financial Global on Tuesday, Reuters reported. For Glen, the UK’s decision to prioritize stablecoins over regulating the broader financial market is due to fears of monopolies emerging in the market based on the limited number of participants offering fiat-pegged cryptocurrency payment services. “There is the potential for some firms to swiftly achieve dominance and crowd out other players, due to their ability to scale and plug into existing online services,” Glen remarked. Indeed, the minister’s argument echoes sentiments espoused by several financial regulators against the Diem stablecoin project. Ini

Microsoft President on digital currencies: We’re not a bank and we don’t want to become a bank

With Facebook working on its digital currency project Diem, formerly known as Libra, the idea of a private entity issuing currency did not please many financial regulators.

Why This Bitcoin-Believing Startup Bets on Facebook's Diem Instead

While the eyes of many are on major crypto networks like Bitcoin (BTC) and Ethereum (ETH) (and NFTs, of course), financial service provider First Digital Asset Group (FDAG) together with their investors are betting on more centralized, Facebook-backed Diem (formerly - Libra) stablecoin.

Diem co-creator leaving Facebook for Planet Labs

Kevin Weil has previously said that the launch of the Facebook-backed stablecoin would be "a journey of years and decades." Kevin Weil, the vice president of product at Facebook's digital wallet unit and one of the creators of the Libra token, now called Diem, will be leaving the social media giant. In a Twitter thread today, Weil said he would be leaving Facebook after almost three years to become the president of product and business at San Francisco-based space and analytics company, Planet Labs.

Cofounder of Facebook's Digital Currency Project Departs

Kevin Weil was one of the original creators of the "Facebook coin," a project announced with fanfare in 2019 that has been mired in uncertainty.

Many pieces of the Diem puzzle still missing as launch gets delayed

Besides securing approval from Swiss regulators, Diem seems likely to face opposition from government regulators in many countries. Back in June 2019, social media giant Facebook released the details for a much-talked-about digital currency platform dubbed “Libra.” These days, Libra is known as Diem, with the project undergoing a significant rebranding in a bid to smoothen regulatory wrinkles. A year and a half later, the Diem Association has yet to launch a digital token with regulatory approval from Swiss authorities yet to materialize.

Meme pioneer launches NFT lolcats on OpenSea

Meme master ‘Cheezburger’ is releasing a series of NFTs based on his website’s famous captioned ‘lolcat’ photos. The original “I Can Has Cheezburger?” meme has become the latest symbol of popular culture to be immortalized as an NFT. The meme’s creator, Eric Nakagawa, announced his foray into a series of lolcat NFTs on Feb.

European Central Bank Petition EU Lawmakers for Stablecoin Veto Power

The European Central Bank has asked the EU parliament for veto powers when it comes to stablecoin projects such as Facebook's Diem and others.

India's Warren Buffett Is Against Bitcoin Too, ECB Aims At Diem + More News

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

ECB wants final say on the legal status of private stablecoins in the EU

The European Central Bank has demanded veto power from lawmakers in the European Union over private stablecoin projects like Diem. The European Central Bank has finally sent its formal opinion on crypto regulations to the European Commission. According to Reuters, the ECB has asked EU lawmakers for veto powers concerning private stablecoin projects like the Facebook-backed Diem. An excerpt from the ECB opinion document reads: “Where an asset-reference arrangement is tantamount to a payment system or scheme, the assessment of the potential threat to the conduct of monetary policy, and to the smooth operation of payment systems, should fall within the exclusive competence of the ECB.” As part of the demand for veto powers on stablecoins, the ECB has urged the EU to ensure that its ruling should be binding on all national authorities in the Euro Zone.

New Bitcoin ETF Attempt, Diem's Move, Ripple vs. SEC + More News

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. Crypto adoption news NYDIG, a Stone Ridge-run subsidiary firm that provides crypto services to institutional investors, aims to launch a Bitcoin exchange-traded fund (ETF), per a filing with the US Securities and

Diem gets closer to launch as Fireblocks and First introduce new payment infrastructure

Fireblocks and First Digital Asset Group have developed a seamless connection to Diem, allowing financial institutions to access the emerging payment network.

Diem Stablecoin Prepares for Liftoff With Fireblocks Custody Partnership

The rebranded Libra network aims to come out with an initial product around the end of this quarter, with help from Fireblocks and First Digital Assets.

BIS Chief Banker Criticizes Bitcoin as Inherently Risky, Says BTC Vulnerable to 51% Attack

Bank for International Settlements (BIS) general manager Agustin Carstens has criticized bitcoin saying the asset was inherently risky and “increasingly vulnerable” to a 51% attack.

A Look at Facebook’s Diem Wallet- Token Sale Accepts 3 Cryptos, Strict KYC, Hefty Data Collection

During the last two years, there’s been a lot of interest in Facebook’s cryptocurrency diem (formally libra) and rumors of a nearing launch date went viral last November.

Facebook's Diem Testnet Hits 50 Million Transactions

The upcoming stablecoin contender reached the milestone a little over a month after it was renamed.

9 Trillion vs. 100 Trillion: Billionaire Mike Novogratz Asks Which Cryptocurrency Will Win the Payments Race

On December 31, billionaire investor Mike Novogratz asked his Twitter followers which blockchain coin has the best chance of winning the payments race and offered four choices.

New name, old problems? Libra’s rebrand to Diem still faces challenges

The Diem Association’s rebrand from Libra was supposed to herald a new day for the project, but a touted 2021 launch may not go as planned. Facebook-backed Libra Association’s rebrand to Diem looked to quash negative perceptions of the project, but its new name has not changed the regulatory pressures the project still faces. It has been 18 months since Facebook announced that it was looking to launch its very own payments system project that would plug into its social media platforms.

What Are Stablecoins?

A stablecoin is a type of cryptocurrency whose value is tied to an outside asset, such as the US dollar or gold, to stabilize the price.

IMF Cautions Central Banks May Have to Rethink What Constitutes Reserves

The IMF warns that central banks may have to rethink what constitutes their reserve currency holdings.

BTC drops, XRP is ‘toxic waste,’ Facebook’s Diem in trouble: Hodler’s Digest, Dec. 6–12

The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — one week on Cointelegraph in one link! Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week.

FTC sues Facebook in antitrust lawsuit as regulators mount offensive

Regulators around the globe are increasingly turning hostile to the social media behemoth. The United States Federal Trade Commission has filed a lawsuit against Facebook, Inc., where it alleges that the corporation has been engaging in anti-competitive practices ever since acquiring a dominant global position at the turn of the 2010s. According to public case files released on Wednesday, the regulator believes that Facebook has systematically purchased or reproduced the features of any social media competitor that could have posed a threat to the company’s dominance.

Mass Adoption of a Digital Euro Could Be a ‘Clear Negative’ for Europe’s Banks: BofA

A Bank of America report on a possible mass-adopted digital euro noted that such movement could spell difficulty for commercial banks that could see some of their deposits migrate to the European Central Bank.

Hundreds of millions of consumers will use digital currencies soon: Circle CEO

Executives from Facebook’s ‘Diem’ Association, Circle, Soramitsu, and Coinbase discussed how and when digital currencies will go mainstream, at the Singapore Fintech Festival. Speaking at Singapore Fintech Festival, Circle CEO Jeremy Allaire said that "third-generation blockchain technology" would see digital currency "in the hands of hundreds of millions, if not billions of users." Allaire featured on a panel alongside the CEO of Facebook’s 'Diem' Association (formerly Libra Association) Stuart Levey, Coinbase CPO Surojit Chatterjee, and Soramitsu CEO Makoto Takemiya, to discuss the question: Can Digital Currencies Birth the Next Generation of World-Class Payment Systems?.

Facebook Asks for 'Benefit of the Doubt' in Cryptocurrency Ploy

The head of Facebook Financial said that the Diem stablecoin and the Novi wallet could be launched in 2021.

Facebook’s Libra Rebrand Hits Another Name-Change Snag as UK Diem Lawyers up

Facebook’s latest efforts to rebrand its Libra stablecoin project, recently renamed Diem, appear to have hit the rocks – again – with a British fintech firm of the same name preparing legal action. The Libra Association, the project’s governing body, recently stated that it was renaming itself the Diem Association, Latin for “day,” in a bid to make a fresh

Facebook hopes to launch its crypto and wallet in 2021, top exec says

The social media giant has rebranded in hopes of scoring regulatory approval. Global regulators should grant Facebook-backed cryptocurrency Diem “the benefit of the doubt” to greenlight its launch in 2021, a top executive at Facebook Financial said. David Marcus, the head of Facebook Financial, or F2, said that both cryptocurrency Diem and related crypto wallet Novi could be launched next year.

Facebook’s Newly Renamed Diem Cryptocurrency Threatened With A Lawsuit Over Branding

History could repeat itself as Facebook’s recently renamed cryptocurrency project might face a lawsuit because of its new name – Diem.

Facebook's Rebranding of Libra Stablecoin to Diem May Face Copyright Infringement Lawsuit

Facebook’s idea to rebrand its Libra stablecoin project to “Diem” may not be as smooth sailing as what the corporate firm had in mind.

Carpe 'Diem': Lawsuit threatened over Facebook’s Libra rebrand plan

Facebook’s plan to rebrand its stablecoin project from Libra to Diem has been met with legal threats from a small European start-up of the same name. Facebook has been hit with threats of legal action over its plan to rebrand the Libra stablecoin project to ‘Diem’ from a finance application of the same name. Facebook announced its plan to rebrand Libra on Dec.

Rebrand of Facebook's Libra Association to Diem Hits Snag

Libra Association changed its name to Diem Association last week.

Rebranded Libra Still a ‘Wolf in Sheep’s Clothing’: German Finance Minister

German Finance Minister Olaf Scholz took aim at the rebranded lDiem and said it would take more than cosmetic changes to smoothen regulatory concerns.

German government unimpressed by Facebook stablecoin's rebrand

German finance minister says “A wolf in sheep's clothing is still a wolf.” Facebook’s Diem stablecoin, which recently changed its name from Libra, is still failing to impress German regulators. As reported by Reuters,  German Finance Minister Olaf Scholz voiced his criticism of the project on Monday after a conference between G-7 finance ministers and central bank directors.

Testnet of Facebook’s Much Vaunted Stablecoin Only Executes 6 Transactions per Second

The Facebook fronted stablecoin, Diem (formerly Libra)’s dismal testnet results undercut the assertion that the digital currency is a threat to global financial stability.

Facebook’s Diem stablecoin is an existential threat to traditional banking

Stablecoins are an integral part of the future of the financial system.

Spotify Looking for Associate Director to Lead Activity on Libra Project, Other Crypto Efforts

The world's largest audio streaming service is on the hunt for a new associate director to lead its activity within the Libra stablecoin project.

Spotify Is Staffing Up for Facebook’s Diem, Other Crypto Payments

A job listing specifically mentions the ex-Libra project and day-to-day interactions with the Diem Association, as well as other potential moves in the crypto payments space.

Facebook Digital Currency Libra Rebrands Name to Diem Ahead of Its Dollar-Backed Stablecoin Launch

Facebook-backed Libra Association has rebranded its name to the Diem Association ahead of the proposed launch of its dollar-backed stablecoin.

From Libra to Diem: Association's New Clothes for 'Appropriate Autonomy'

The Facebook-backed Libra Association has announced the change of its name to the Diem Association - a move which, along with new hires, the association claims will grant the project more "autonomy." In an emailed press release, the organization wrote, "The Libra Association announces the adoption of a new name and the recruitment of key executives,

The Changes Continue: Facebook’s Libra Has Been Rebranded To Diem

Facebook’s future cryptocurrency project continues with the most recent changes – this time, it comes as a brand new name change from Libra to Diem.

The Libra Association Rebrands Itself to 'Diem'

The Libra Association has changed its name and recruited several high-profile experts ahead of Libra’s launch.

Libra rebrands to Diem, hoping to shake off associations

The project is hoping that a new name will help people forget the mass regulatory panic that drowned out Libra's initial announcement. Per a Tuesday press release, the Libra Association is changing its name to the Diem Association. The shift is likely in the hopes of turning the page on Libra's PR.

Libra Rebrands to ‘Diem’ in Anticipation of 2021 Launch

The Libra Association is rebranding itself to "Diem" to distance itself from the original multi-currency stablecoin vision as it prepares for a possible 2021 launch.