Facebook's Crypto Ambitions Stumble Forward With Plans for U.S. Stablecoin

From decrypt.co

Facebook's long-delayed cryptocurrency plans took a modest step forward on Wednesday when the project it is backing, the Diem Association, announced it would launch a U.S. stablecoin. Upon launch, consumers within a select network of companies will be able to use a digital token pegged to the price of a dollar. The plan is a dramatically scaled-back version of what Facebook first touted in the summer of 2019, when the company announced it would launch a global cryptocurrency in partnership with financial heavyweights like Visa and PayPal. The original scheme quickly foundered, however, amid harsh regulatory scrutiny ... (full story)