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Facebook's encryption project renamed Diem is expected to launch a US dollar stablecoin next year.
The cryptocurrency project supported by Facebook has been renamed "Diem".
According to reports, the cryptocurrency project originally initiated by Facebook has officially been renamed "Diem". This move aims to highlight the project's independence in hopes of gaining recognition from regulators.
The Diem Association, headquartered in Geneva, is the leading party in this renaming. The association's CEO, Stuart Levey, stated that the purpose of the renaming is to highlight the project's more streamlined and refined architecture. The term "Diem" comes from Latin, meaning "day".
Levi also revealed that the main goal of the project is to launch a digital currency supported solely by the US dollar. However, he did not comment on the specific timeline for its release.
According to media reports, the project may be launched as early as January next year. However, this plan still requires approval from the Swiss market regulator to be officially implemented.
The renaming reflects the project's emphasis on regulatory compliance and demonstrates its efforts in independence and architectural optimization. As the Crypto Assets market continues to develop, the attitudes of regulatory agencies will largely influence the future direction of similar projects.