Facebook-backed digital money job Diem is shifting in Switzerland to U.S.

A once-ambitious Facebook-backed digital money endeavor — previously called Libra, currently called Diem — is altering operations from Switzerland into the U.S. and stated it intends to establish a cryptocurrency tied into the U.S. dollar after this season.

Included in this transfer, Diem said it’s also withdrawing its application for a payment method permit in the Swiss Financial Markets Authority, which it hasn’t managed to procure so far.

A stablecoin is an electronic currency backed by real world resources like foreign currencies or other commodities.

As its name suggests, stablecoins are intended not to change wildly in value. That is in sharp contrast to cryptocurrencies such as Bitcoin, whose worth isn’t tied into some real life currency and whose cost has ranged between about $9,000 and $63,000 within the last year.

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Facebook declared the Libra job in 2019, in the time imagining it as a stablecoin according to a basket of foreign currencies. Ever since that time, the effort was scaled back towards regulatory and industrial backlash. It underwent a name change from December 2020.

Wednesday’s announcement represents a further scaling back as Diem changes attention into this U.S. from its initial aspirations to be a global money for the unbanked across the world.