Diem Association @DiemAssociation
We’re working to build a trusted and innovative financial network that empowers people and businesses around the world. diem.com Joined June 2019-
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1/13 Four years ago we came together as the founding team of ≋Libra to use crypto to democratize access to the financial system. As the last person from the original ≋ founding team involved in this phase of Diem, here are some personal thoughts and reflections on the journey.
1/ Following yesterday's @SenateBanking hearing on #stablecoins, here's a summary of the opportunities and challenges (w/@alonsodegortari & @theshah39): papers.ssrn.com/sol3/papers.cf…
1/ What should stablecoin reserves look like? The President's Working Group solution limits innovation to incumbents. With the amazing @theshah39 we offer a solution that can protect consumer and financial stability without stifling competition and innovation!
1/13 "For competition to thrive, a truly interoperable payment system is needed [...] Today, consumers and merchants are locked into "walled gardens". Moving money between banks is expensive, and moving it between digital wallets is often impossible."
Which are the opportunities and challenges for CBDC, and how should CBDC and Stablecoins be designed? We will explore these questions and more in tomorrow's Meeting bit.ly/3Ce27qX at 5:45 PM (BST) with @HesterPeirce,@ccatalini,@natacha_valla, @fnality,@jonnyfry175
It's time to knock down the walled gardens of the payments system. My take with @ccatalini in @AmerBanker: americanbanker.com/opinion/its-ti…
Statement from Diem Networks US Regarding Congressional Interest in Project — diem.com/en-us/updates/…
#Stablecoins are #Cryptocurrencies designed to trade at par with a reference asset, typically the #USD. @ccatalini @DiemAssociation & @alonsodegortari @Princeton surface the dimensions that underpin the economic design of stablecoins: spkl.io/60184O1Ao #EconoTw #Crypto
How can Diem support public sector efforts towards central bank digital currencies? #CBDCs #stablecoins youtube.com/watch?t=7671&v…
Looking forward to discussing robust stablecoin design and how Diem can contribute to financial inclusion, competition, and innovation in payments and financial services at the Digital Euro Summit @bitkom_block @Bitkom_Finance bitkom.org/EN/Topics/Digi…
1/6 Three non-mutually exclusive paths to "upgrading" money to achieve more competition, inclusion and innovation in financial services: (1) True Stablecoins, (2) Deposit (Stable)coins, (3) CBDCs on multiple rails hbr.org/2021/08/stable…
While the pros and cons of stablecoins may be debatable, their rise isn’t. hbr.org/2021/08/stable…
"Stablecoins and the Future of Money" by @ccatalini and Jai Massari. hbr.org/2021/08/stable…
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1/7 From the statement by the CEO Stuart Levey on the sale of the Diem group's assets to Silvergate — “From the outset, the Diem project has been focused on leveraging the benefits of blockchain technology to design a better and more inclusive payment system.
12/13 I'm extremely excited to jump back into the crypto 🐇🕳️. This space is as exciting as it has ever been, and we are very far from realizing its potential when it comes to unbanked segments of society and increasing competition in digital platforms.
11/13 Today we pass the baton to Silvergate. They have been one of the first Federal Reserve member banks to understand the potential of crypto, and are now in a great position to bring a stablecoin to market that follows the PWG framework.
10/13 When it comes to financial inclusion, stablecoins were never the end game, and with CBDCs we may witness the rise of truly open, interoperable public infrastructure that can support competition in payments and financial services in the way Libra/Diem could have done.
9/13 Beyond @DiemAssociation members, there is also a tenacious group of partners — both crypto natives and established financial sector players — that stood with us through the many storms. I'm thankful for their courage and friendship over the last 4 years.
8/13 Progress was only possible because of some truly special institutions, investors and non-profits that were willing to take a bet on us. They understood that the only way for this to succeed was through distributed governance and an independent @DiemAssociation.
7/13 Same with the amazing engineers, researchers, product and design leaders and legal minds that shaped ideas into working code and frameworks despite a number of internal and external hurdles.
6/13 I'm extremely grateful for the incredible economists I had the privilege of working with on my team. You have not only made me smarter every day, but your courage, ideas and dedication is what made the journey worthwhile (and fun!).
5/13 A senior US regulator informed us that Diem was the best-designed stablecoin project the USG had seen, and the President's Working Group framework validated our design. Through economic research, we raised the bar for stablecoin reserve and consumer protection standards.
4/13 ...but were able to iterate quickly and incorporate feedback across the globe from central banks, regulators and policymakers. We were ready to go live multiple times in our regulatory journey, but held back at the 11th hour.
3/13 We started with a very bold — and possibly ahead of its time — white paper that had a number of gaps, but was also responsible for accelerating progress on the public sector side towards central bank digital currencies. We followed with our own fair share of mistakes...
2/13 A longer account is for another day, as the dust will need to settle for an objective assessment of the contributions (if any!) to the space. It has been an incredible learning experience and rollercoaster 🎢, and one that allowed me to meet some truly amazing people 😉.
1/13 Four years ago we came together as the founding team of ≋Libra to use crypto to democratize access to the financial system. As the last person from the original ≋ founding team involved in this phase of Diem, here are some personal thoughts and reflections on the journey.
2/ Stablecoin issuers should comply with the capital and liquidity standards encoded in the Basel accords, and put aside appropriate capital buffers to mitigate credit risk, market risk, and operational risk.
3/ Furthermore, stablecoin issuers should hold appropriate liquidity to mitigate sudden redemptions and outflows. While many existing stablecoin issuers would struggle to comply with such standards under their current reserve design...
4/ ...they could successfully comply under a simpler balance sheet centered around short-maturity, high-quality, and liquid assets such as 3 months or less U.S. Treasuries (the approach we designed for @DiemAssociation). Full Thanksgiving reading: papers.ssrn.com/sol3/papers.cf…
1/ What should stablecoin reserves look like? The President's Working Group solution limits innovation to incumbents. With the amazing @theshah39 we offer a solution that can protect consumer and financial stability without stifling competition and innovation!
1/13 "For competition to thrive, a truly interoperable payment system is needed [...] Today, consumers and merchants are locked into "walled gardens". Moving money between banks is expensive, and moving it between digital wallets is often impossible."
Which are the opportunities and challenges for CBDC, and how should CBDC and Stablecoins be designed? We will explore these questions and more in tomorrow's Meeting bit.ly/3Ce27qX at 5:45 PM (BST) with @HesterPeirce,@ccatalini,@natacha_valla, @fnality,@jonnyfry175
It's time to knock down the walled gardens of the payments system. My take with @ccatalini in @AmerBanker: americanbanker.com/opinion/its-ti…
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