Facebook-backed digital currency project Diem shifts to US

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A once-ambitious Facebook-backed digital currency project — formerly known as Libra, now called Diem — is shifting operations from Switzerland to the U.S. and announced it plans to launch a cryptocurrency tied to the U.S. dollar. The Diem Association, which includes Facebook and 25 other companies, has entered a partnership with Silvergate Capital Corp. to issue a “stablecoin” backed by the U.S. dollar. A stablecoin is a digital currency tied to a real-world currency such as the U.S. dollar or other assets. Diem said it is also withdrawing its application for a payment system license from the Swiss Financial Markets Authority.

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