Facebook-Led Diem Association Cryptocurrency Project Pivots Again

Operations move from Switzerland to the US, where it partnered with Silvergate Capital on a stablecoin tied to the dollar

Diem Association, the digital payments and cryptocurrency project spearheaded by Facebook, pivoted once again, revealing a partnership between its wholly owned U.S. subsidiary, Diem Networks U.S., and Silvergate Capital, under which the latter will be the exclusive issuer of a Diem stablecoin tied to the U.S. dollar, as well as a shift in its operations from Switzerland to the U.S.