The Diem digital token, first announced in 2019 under the name Libra, was almost strangled at birth. Early backers, including Mastercard and PayPal, abandoned the initiative as regulatory pressures mounted. In May, the Diem Association, an independent body set up to run the currency, said it would significantly narrow its scope, dropping its application to the Swiss Financial Market Supervisory Authority to operate as a global payments service and focusing instead on the US.

https://www.ft.com/content/e2993a11-e031-41f7-9ea5-3127befb940e