Facebook is proposing a new cryptocurrency called Diem. Backed by U.S. Dollars, Euros, and other hard currencies, Diem will be a stablecoin tied to a permissioned blockchain (that one day may become permissionless).

In case you’re wondering, Diem is a renamed and reworked version of Libra, Facebook’s original centralized crypto idea that was shelved after running into trouble with regulators. If the Diem Association is able to get regulatory permission, it will function as a full-scale central bank.

Facebook offering crypto through its apps to 2 billion global users? What could possibly go right?