Today David Marcus, the head of all payment related activities at Facebook, said Facebook’s Novi wallet for the Diem stablecoin is ready to come to market. “In the U.S., we have secured licenses or approvals for Novi in nearly every state, and we will not launch anywhere we have not yet received such clearances,” he wrote in a blog post. However, the tone of the piece is not a hopeful one.
Much of the article is about the pushback Diem (formerly Libra) and Facebook have encountered from regulators worldwide, but the U.S. in particular. While he doesn’t specifically explain the current holdup, reading the blog post, the takeaway is regulators may be about to block or delay Diem and/or Novi’s launch.
Diem recently moved its headquarters from Switzerland to the U.S. after Switzerland appeared to drag its feet with input from international regulators. It partnered with Silvergate Bank as a fiat bridge to launch a USD stablecoin and manage its reserves.
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