Diem partners with Silvergate on its stablecoin project
The Facebook-led stablecoin project has undergone numerous changes since its inception. The name was changed to Diem, and Facebook brought on partners to work with it on the project. The stablecoin project has experienced further changes ahead of the launch later this year.The Diem Association announced yesterday that it has partnered with Silvergate Capital Corporation. Silvergate Bank is now set to become the exclusive issuer of the Diem USD stablecoin once it launches. "Silvergate will become the exclusive issuer of the Diem USD stablecoin and will manage the Diem USD reserve. Diem Networks US will run the Diem Payment Network (DPN), a permissioned blockchain-based payment system that facilitates the real-time transfer of Diem stablecoins among approved network participants. The formation of this partnership is an important step in preparation for a Diem USD pilot," the press release reads.
Stuart Levey, CEO of Diem, said the team is excited to work with Silvergate, thanks to its reputation in the financial sector. He added that the Diem Association is committed to creating a safe payment system for consumers and businesses. The goal is to enable faster and cheaper transactions and leverages blockchain technology and provide financial services to billions of people globally.
Diem moves its main operations to the US
Until now, the Diem Association had been carrying out its major operations in Switzerland. However, the firm revealed that it has now moved to the United States. "In parallel with establishing this partnership, Diem is simplifying its plans for the Diem USD stablecoin issuance by shifting its main operations from Switzerland to the United States. This shift is consistent with Diem's initial strategic focus on the United States and reflects Diem's consideration of the evolving digital currency regulatory environment in the US," the association added.Diem didn't reveal the details of where it intends to set up shop in the United States. However, CNBC reported that the association would set up its business in Washington DC. By shifting its operations to the US, Diem is abandoning its plans to register with Swiss financial regulator FINMA. Instead, it will register with the US Financial Crimes Enforcement Network (FinCEN).
Cryptonary reported last month that Diem wants to launch its dollar-backed stablecoin before the end of the year.
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