Diem was a blockchain-based digital currency project originally launched by Facebook (later rebranded as Meta Platforms). It was first introduced in 2019 under the name Libra, aiming to create a global, low-cost payment system that could improve financial inclusion, especially for people without access to traditional banking. The project planned to issue a stable digital currency backed by a reserve of assets to maintain price stability.

To support governance and development, the project established the Diem Association, a Switzerland-based consortium made up of multiple companies and organizations. Unlike fully decentralized cryptocurrencies such as Bitcoin, Diem was designed as a permissioned blockchain, meaning only approved participants could validate transactions. This structure aimed to balance efficiency, compliance, and scalability, while still leveraging blockchain technology.

Despite its ambitions, Diem faced intense regulatory scrutiny from governments and central banks worldwide, who raised concerns about monetary sovereignty, financial stability, and data privacy. As a result, the project underwent several redesigns, including shifting from a global currency model to single-currency stablecoins. Ultimately, due to ongoing regulatory pressure, the Diem project was discontinued in 2022, and its assets were sold, marking the end of one of the most high-profile attempts to launch a global digital currency.