Facebook’s Libra Rebrands to ‘Diem’ and Prepares for Stablecoin Launch

Libra is no more, as the ambitious token, pegged to a basket of currencies, is distancing itself from Facebook and focusing on a USD backed Stablecoin, called Diem.

The project is focused on complying with regulations:

“The Diem project will provide a simple platform for fintech innovation to thrive and enable consumers and businesses to conduct instantaneous, low-cost, highly secure transactions,” said Stuart Levey, the Diem Association’s CEO. “We are committed to doing so in a way that promotes financial inclusion – expanding access to those who need it most, and simultaneously protecting the integrity of the financial system by deterring and detecting illicit conduct. We are excited to introduce Diem – a new name that signals the project’s growing maturity and independence.”

Remaining and new members of the Diem Association include: Andreessen Horowitz, Blockchain Capital, Coinbase, Lyft, Shopify, Slow Ventures, Spotify, Thrive Capital, Uber, Union Square Ventures, and Xapo.