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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.
Under terms of the agreement, Silvergate will also manage Diem’s U.S. dollar reserve, while Diem Networks U.S.
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