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Libra Rebrands to Diem in Anticipation of 2021 Launch

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The Libra Association put together by Facebook last year is rebranding in further efforts to distance itself from the original Facebookled vision rolled out last year. The group, composed of 27 member firms, announced Tuesday it was changing its name to Diem the Latin term for day as it gears up for the potential 2021 launch of a single, dollarpegged stablecoin. The organization has also finalized its leadership team, which includes Dahlia Malkhi as chief technology officer, Christy Clark as chief of staff, Steve Bunnell as chief legal officer and Kiran Raj as executive vice president for growth and innovation and deputy general counsel.

Social media giant 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.

A number of its original members departed, mainly financial services firms citing regulatory risks, before Libra could even get started. Libras governing body, which was formally created in November 2019, later tightened the scope of the project, announcing in April 2020 that it would launch a group of stablecoins that were each backed…

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