Diem will be moving to the United States thanks to a partnership with Silvergate Bank, which will launch Diem USD Stablecoin.
The official announcement came directly from the Diem Association, the organization working on the creation of the "Facebook coin", formerly Libra.
This is a strategic move for Diem, who will therefore debut his pilot project in the United States as a stable currency pegged to the US dollar, backed by one of the most reliable banks in the system. In practice, Diem will move the core of its operations from Switzerland to the United States, allowing it to no longer require a license from Swiss FINMA.
Silvergate will maintain Diem's dollar reserves. Diem Network US will launch Diem Payment Network, a blockchain-based payment system that will allow real-time transfer of Diem between network participants.
It is clear that Diem intends to prioritize the United States. That is why with Silvergate, which is also a member of the Federal Reserve, Diem Network US will be registered as a Financial service in the Financial Crimes Enforcement Network of the United States Department of the Treasury.
The choice of the launch in the United States, in Diem's plans, is also intended to be a stimulus and a contribution to the evolution of the regulation of digital currency in the United States the time spent interacting with FINMA and other industry authorities has made make Diem a little more aware of regulatory parameters.
Diem, US market launch soon?
Stuart levey, CEO of Diem, said:
"Silvergate is a leader in financial innovation and an ideal partner for Diem as we move forward with a blockchain-based payment system that protects consumers and enhances the integrity of the financial system," said Stuart Levey, CEO of Diem. “We are committed to a payment system that is secure for consumers and businesses, makes payments faster and cheaper, and leverages blockchain technology to bring the benefits of the financial system to more people around the world. We look forward to working with Silvergate to make this shared vision a reality. ”
Alan Lane, Silvergate CEO added:
"We believe in the future of US dollar-backed stablecoins and their potential to transform existing payment systems," said Alan Lane, CEO of Silvergate. “We are inspired by Diem's technology and commitment to creating a payment system that is compliant and offers a secure way to move money. We are excited to be at a point in the process where we can confidently announce this product and look forward to continuing our work with Diem to bring it to market. "
At this point, it's plausible to expect the American version of Diem to be ready to debut shortly.