Libra Association, composed of 27 member firms, announced Tuesday it was changing its name to Diem, which means “day” in Latin, as it gears up for the potential 2021 launch of a single, dollar-pegged stablecoin.
Stuart Levey, CEO Diem Association
“Now transitioning to the name ‘Diem’, which denotes a new day for the project, the Diem Association will continue to pursue a mission of building a safe, secure and compliant payment system that empowers people and businesses around the world.” According to the press release.
“The original name was tied to an early iteration of the project that received a difficult reception from regulators. We have dramatically changed that proposition,” Stuart Levey, CEO of the Geneva-based Diem Association said.
“We are excited to introduce Diem — a new name that signals the project’s growing maturity and independence.” He added.
Libra is ready to launch its first stablecoin, the “Diem dollar,” as soon as the new entity is licensed through the Swiss Financial Market Supervisory Authority (FINMA). The Financial Times first reported that a dollar-pegged coin could launch next year.
Facebook unveiled Libra in June 2019 after over a year of secretive development and research work. At the time, the project envisioned a stablecoin backed by a basket of fiat currencies, one that could be used worldwide as a means of exchange. It immediately prompted international regulatory backlash, with lawmakers demanding that all development cease until they could better understand it, provide some level of regulatory oversight and ensure there were no risks to financial stability.
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