Facebook's long-delayed cryptocurrency plans pick a flight as the <a href="https://www.prnewswire.com/news-releases/diem-announces-partnership-with-silvergate-and-strategic-shift-to-the-united-states-301290201.html" target="_blank" rel="nofollow noopener">announcement </a>associated with the launch of U.S. stablecoin was made by Diem Association. According to the Facebook-backed Diem Association, the pilot version of stablecoin will come soon as it shifts its base of operations from Switzerland to the U.S. However, the exact dates were not announced yet. 
<h2>Facebook Backed Diem Association Launch Pilot Version of Stablecoin</h2>
As per the details of the launch, the consumers will be facilitated to use digital tokens pegged with the price of dollars within a select network of companies. It was 2019 when the company announced its <a href="https://www.cryptoknowmics.com/news/guide-to-libra-cryptocurrency/">launch of global cryptocurrency</a> in partnership with financial heavyweights like Visa and PayPal. 

While announcing the stablecoin, the Diem Association declared:

“It was shifting its base of operations from Switzerland to the U.S., a move that would simplify plans for the digital currency it now calls US Diem.” 

“The Silvergate Bank, a California bank that serves a number of crypto companies, would be the exclusive issuer of the stablecoins,” added the association. 

"The formation of this partnership is an important step in preparation for a Diem USD pilot," the Diem Association further added. 
<h2>Stablecoin Plans Are a Significant Step Back </h2>
The Diem Association, once known as Libra, rebranded itself in December last year. The move of relabeling itself aims to distance itself from the project's original global ambitions.

The plan is dramatically a scaled-back version of Facebook's first attempt to sell in the summer of 2019. It is seen that the Association is no longer listing its partners on its home page. However, the <a href="https://www.cryptoknowmics.com/news/report-facebook-secures-support-from-dozens-of-new-firms-for-its-crypto-project/">departure</a> of Uber, Shopify, Spotify, and Coinbase was announced in the news section. 

As the <a href="https://www.cryptoknowmics.com/news/facebook-backed-diem-launching-its-stablecoin-pilot-this-year-report/">Diem USD launch</a>, those firms surely form the nucleus of a network supported by Facebook. This allows consumers to pay merchants and vice-versa through platforms like WhatsApp and Facebook Messenger.

Diem Association Announce Plans for Stablecoin, Shifts to U.S.

Facebook's long-delayed cryptocurrency plans pick a flight as the announcement of the launch of U.S. stablecoin was made on Wednesday by Diem Association.

A student from a technical background, Deepshikha found Bitcoin in 2020 and has been an evangelist ever since. A B.Tech turned into a full-time crypto-writer, she tries to bridge the gap that currently exists between the crypto world and people from non-technical backgrounds, through her simplistic yet effective form of writing. She finds that her writing for cryptocurrencies can redefine the way the audience interacts with the crypto space.

Diem Association Announce Plans for Stablecoin, Shifts to U.S.

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