GENEVA (AN) — Facebook's global digital currency project formerly known as Libra is abandoning Switzerland as its hoped-for regulatory home and planning to launch a U.S.-based payment system renamed Diem, organizers and Swiss regulators separately announced on Wednesday.
The project's dollar-backed stablecoin, Diem, will be issued in partnership with Silvergate Capital Corp., a California bank. The Geneva-based association behind it, formerly known as the Libra Association set up by California-based Facebook, will likewise make what it called "a strategic shift" to Washington.
