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Diem

Diem

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Blockchain-based stablecoin payment system

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Project Overview

Diem is a blockchain-based stablecoin payment system proposed by Meta. It incorporates three aspects to create a more inclusive financial system: 1) A secure, scalable, and reliable blockchain as the technological backbone; 2) Diem Coins backed by a reserve of assets consisting of cash or cash equivalents and very short-term government securities; and 3) Governance by the independent Diem Association and its subsidiary Diem Networks, responsible for developing and operating the payment system.

Payment Infra Layer1

Event-related news

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U.S. Senator Warren Urges Zuckerberg for Details on Meta’s Latest Stablecoin Plans

U.S. Senator Elizabeth Warren has sent a letter to Mark Zuckerberg requesting that Meta provide more information regarding its latest stablecoin initiative, criticizing the company’s "concerning lack of transparency" in related operations.In the letter, Elizabeth Warren stated that given Meta’s massive global user base, any stablecoin-related business could have significant implications for market competition, user privacy, payment system integrity, and financial stability.Previously disclosed information indicates that Facebook has tested stablecoin payment features with a select group of creators in Colombia and the Philippines. The relevant solution is based on USD Coin (USDC), requiring users to link a third-party crypto wallet address. A Meta spokesperson responded by stating that the company "does not have a Meta stablecoin" and currently merely aims to allow users and merchants to utilize various payment methods on the platform, including third-party stablecoins.It is worth noting that Meta launched the stablecoin project Libra (later renamed Diem) in 2019, but ultimately terminated it in 2022 due to regulatory pressure. Warren has long been one of the toughest crypto critics in the U.S. Congress and has repeatedly raised questions about Meta's stablecoin plans. (Fortune)

Meta Resumes Stablecoin Payments, Offers USDC Settlement Services to Creators

According to Fortune, Meta has quietly launched a stablecoin payment feature, offering select creators in Colombia and the Philippines the ability to receive payments in USDC on the Solana and Polygon networks. Creators can enter their third-party wallet addresses into Facebook’s payout platform to withdraw funds. Meta does not provide USDC-to-local-fiat conversion services and partners with Stripe to handle related tax filings. According to Marc Boiron, CEO of Polygon Labs, the initiative is expected to expand to over 160 countries by year-end. This launch comes more than four years after Meta’s Libra project—later renamed Diem—was discontinued in 2022.

ARK Invest Executive Questions Stablecoin Consortium Project OpenUSD: Potential Repeat of "Diem-Style Collaborative Failure"

: Lorenzo Valente, ARK Invest's Director of Digital Asset Research, has questioned the stablecoin consortium project OpenUSD, expressing high skepticism about whether such consortium-style stablecoin initiatives can achieve scale. He believes that similar alliances have emerged multiple times before, including Diem and Global Dollar, but ultimately failed to form dominant network effects. Currently, the stablecoin market remains dominated by Tether and Circle, whose core advantages lie in strong network effects and instant liquidity. OpenUSD, however, may face a "cold start" problem, as its joint governance structure will severely slow down decision-making efficiency, making it prone to coordination failures under decentralized governance—resembling the governance dilemmas of DAO experiments: high collaboration costs, slow execution, and difficulty deploying capital efficiently.Furthermore, OpenUSD's economic model appears unsustainable for long-term operations. If it relies on a low-fee split mechanism, it will be unable to cover the costs of infrastructure, incentives, and market expansion.Lorenzo Valente concluded that OpenUSD resembles more of a "collection of letters of intent" than a unified product system with strong execution capabilities. He argued that in the long run, the more likely winners are single operators capable of rapid iteration and independent decision-making, rather than joint governance structures requiring multi-party consensus.

Meta Resumes Stablecoin Payments, Offers USDC Settlement Services to Creators

According to Fortune, Meta has quietly launched a stablecoin payment feature, offering select creators in Colombia and the Philippines the ability to receive payments in USDC on the Solana and Polygon networks. Creators can enter their third-party wallet addresses into Facebook’s payout platform to withdraw funds. Meta does not provide USDC-to-local-fiat conversion services and partners with Stripe to handle related tax filings. According to Marc Boiron, CEO of Polygon Labs, the initiative is expected to expand to over 160 countries by year-end. This launch comes more than four years after Meta’s Libra project—later renamed Diem—was discontinued in 2022.

Coinbase to List DIEM Spot Trading, Launching DIEM-USD Trading Pair

Coinbase announced that Diem (DIEM) spot trading will go live on April 22, 2026. The DIEM-USD trading pair is expected to launch at or after 9:00 a.m. Pacific Time (subject to liquidity conditions) and will be available in supported regions.

Coinbase to List Diem (DIEM)

Odaily News Coinbase announced that it will list Diem (DIEM). Provided liquidity conditions are met and within supported trading regions, the DIEM-USD trading pair will go live at or after 9:00 AM Pacific Time on April 22, 2026.

Related news

Circle Co-Founder Responds to OUSD Competition: Consortium Stablecoins Will Struggle to Succeed, Network Effects Will Ultimately Decide the Outcome

: Circle co-founder Jeremy Allaire publicly responded to the competition from OUSD. He stated that the stablecoin network is essentially an internet platform-based business, which over the long term exhibits a "winner-takes-most or winner-takes-all" structure, where network effects and liquidity are the decisive factors. On the competitive front, Allaire questioned the model of "consortium stablecoins" like OUSD, arguing that multi-party alliance structures are prone to slow decision-making, misaligned incentives, and insufficient long-term execution capabilities. Historically, projects like Diem have already proven the difficulty of scaling such a model. Furthermore, while mechanisms like free minting/redemption, yield distribution, and governance structure designs are theoretically attractive, the real-world market requires stable profitability to support infrastructure investment; otherwise, long-term network building capabilities may be weakened.Jeremy Allaire added that Circle will continue to be open and cooperate with various institutions and stablecoin issuers to jointly expand the ecosystem. At the same time, it will advance the development of cross-chain and payment infrastructure like CCTP and CPN. He also welcomed OUSD to join the industry competition, stating that the outcome will ultimately be determined by network effects.

ARK Invest Executive Questions Stablecoin Consortium Project OpenUSD: Potential Repeat of "Diem-Style Collaborative Failure"

: Lorenzo Valente, ARK Invest's Director of Digital Asset Research, has questioned the stablecoin consortium project OpenUSD, expressing high skepticism about whether such consortium-style stablecoin initiatives can achieve scale. He believes that similar alliances have emerged multiple times before, including Diem and Global Dollar, but ultimately failed to form dominant network effects. Currently, the stablecoin market remains dominated by Tether and Circle, whose core advantages lie in strong network effects and instant liquidity. OpenUSD, however, may face a "cold start" problem, as its joint governance structure will severely slow down decision-making efficiency, making it prone to coordination failures under decentralized governance—resembling the governance dilemmas of DAO experiments: high collaboration costs, slow execution, and difficulty deploying capital efficiently.Furthermore, OpenUSD's economic model appears unsustainable for long-term operations. If it relies on a low-fee split mechanism, it will be unable to cover the costs of infrastructure, incentives, and market expansion.Lorenzo Valente concluded that OpenUSD resembles more of a "collection of letters of intent" than a unified product system with strong execution capabilities. He argued that in the long run, the more likely winners are single operators capable of rapid iteration and independent decision-making, rather than joint governance structures requiring multi-party consensus.

U.S. Senator Warren Urges Zuckerberg for Details on Meta’s Latest Stablecoin Plans

U.S. Senator Elizabeth Warren has sent a letter to Mark Zuckerberg requesting that Meta provide more information regarding its latest stablecoin initiative, criticizing the company’s "concerning lack of transparency" in related operations.In the letter, Elizabeth Warren stated that given Meta’s massive global user base, any stablecoin-related business could have significant implications for market competition, user privacy, payment system integrity, and financial stability.Previously disclosed information indicates that Facebook has tested stablecoin payment features with a select group of creators in Colombia and the Philippines. The relevant solution is based on USD Coin (USDC), requiring users to link a third-party crypto wallet address. A Meta spokesperson responded by stating that the company "does not have a Meta stablecoin" and currently merely aims to allow users and merchants to utilize various payment methods on the platform, including third-party stablecoins.It is worth noting that Meta launched the stablecoin project Libra (later renamed Diem) in 2019, but ultimately terminated it in 2022 due to regulatory pressure. Warren has long been one of the toughest crypto critics in the U.S. Congress and has repeatedly raised questions about Meta's stablecoin plans. (Fortune)

Meta Resumes Stablecoin Payments, Offers USDC Settlement Services to Creators

According to Fortune, Meta has quietly launched a stablecoin payment feature, offering select creators in Colombia and the Philippines the ability to receive payments in USDC on the Solana and Polygon networks. Creators can enter their third-party wallet addresses into Facebook’s payout platform to withdraw funds. Meta does not provide USDC-to-local-fiat conversion services and partners with Stripe to handle related tax filings. According to Marc Boiron, CEO of Polygon Labs, the initiative is expected to expand to over 160 countries by year-end. This launch comes more than four years after Meta’s Libra project—later renamed Diem—was discontinued in 2022.

Coinbase to List DIEM Spot Trading, Launching DIEM-USD Trading Pair

Coinbase announced that Diem (DIEM) spot trading will go live on April 22, 2026. The DIEM-USD trading pair is expected to launch at or after 9:00 a.m. Pacific Time (subject to liquidity conditions) and will be available in supported regions.

Coinbase to List Diem (DIEM)

Odaily News Coinbase announced that it will list Diem (DIEM). Provided liquidity conditions are met and within supported trading regions, the DIEM-USD trading pair will go live at or after 9:00 AM Pacific Time on April 22, 2026.