Diem shifts focus to US dollar stablecoins
Move away from Switzerland sees former Libra Association distance itself from original multi-currency plans
The Diem Association is shifting its focus to the US, as the Facebook-backed firm scales back its ambitions for a multi-currency, global stablecoin.
On May 12, Diem said it was dropping its licence application in Switzerland and making a “strategic shift” towards the US.
Swiss regulator Finma says talks with Diem – formerly the Libra Association – had been at an “advanced stage”. However, the company has chosen to focus on the US, quietly shelving its original plans for a multi-currency
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