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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.
The Facebook-backed Diem project (formerly Libra) could launch a digital currency stablecoin pilot in 2021, according to reports.
STORY CONTINUES BELOW
- 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
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
