Facebook plans to shut down Diem and work with third-party stablecoins

Novi Financial, formerly known as Calibra, plans to cooperate with existing stablecoins.

In the summer of 2019, Facebook announced plans tothe release of a stablecoin called Libra. The coin was to be backed by a basket of currencies and other assets, and not managed by Facebook, but by the independent Libra Association. The Calibra wallet has been developed specifically for Libra.

Almost immediately after the release of the statement, regulators in a number of countries criticized Libra. 

In the spring of last year, Facebook renamed the Calibra wallet to Novi.Novi Financial, a new company responsible for the development of the wallet and digital coin. 

According to The Block, Novi is in talks with Paxos and Circle in order to integrate USDC and PAX into its wallet.The release of the planned Diem USD is still in question. 

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Based on materialswww.theblockcrypto.com