The not-for-profit association behind Diem Networks U.S. is expected to launch the private stablecoin-based payment system by midyear. Stablecoins are designed to be backed by a basket of fiat currencies. Initially, Diem will be pegged only to the U.S. dollar. Transactions will be routed on a blockchain. First Digital Assets Group, the first stablecoin payment service provider (PSP), will facilitate payment acceptance for merchants as well as conversion from Diem to U.S. dollars and (eventually) other fiat currencies. Diem will expand beyond the U.S. as the peg for its stablecoins. Centr...