Introduction of Diem

Diem was a digital currency project originally announced by Facebook, now Meta, under the name Libra. It was to be a stablecoin backed by a reserve of conventional currencies and government bonds, managed by an association of companies, and used for cheap payments around the world, including by people without bank accounts. The plan met strong resistance from regulators and politicians in the United States and Europe, who feared effects on financial stability, privacy, money laundering and monetary sovereignty, and several partner companies left the association. The project was scaled down and renamed Diem in 2020. It was wound down in early 2022, and its assets were sold to a bank, Silvergate.

Open on the timeline