In addition to the relocation, Diem says it will register with the U.S. Financial Crimes Enforcement Network (FinCEN) and will partner with Silvergate Bank as an issuer for its long-awaited U.S. dollar-backed stablecoin.
Diem did not specify where in the U.S. it seeks to set up shop and declined The Block's request for comment when reached. CNBC reported that its new headquarters will be in Washington, D.C. Silvergate is based in California.
Despite the announcement of a partnership from Diem, Silvergate wrote that "[b]oth organizations are continuing to prioritize technological and operational readiness for a pilot, as the parties finalize the terms of a definitive agreement."
When Facebook initially announced Diem, then called Libra, back in early 2019, the Association's base in Switzerland was one of a list of concerns that U.S. regulators had regarding the project's intentions. Congress brought in first David Marcus and then Mark Zuckerberg in to testify on the project.
The Libra Association then moved to hire an executive team stocked by Treasury and Department of Homeland Security officials, underwent a rebrand, and downsized its ambitions from a global coin backed by a "basket of currencies" to the USD-backed stablecoin that forms the core of its proposed network.
More recently, Diem has continued to emphasize its desire to work with regulators, including partnering to form the technological backbone of central bank digital currencies.
Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency.
The Canadian Securities Administrators, an umbrella group for securities regulators in the country, alongside a self-regulatory organization for the investment industry, has released new guidance for crypto exchanges on the use of social media as well as advertising and marketing.