David Marcus, the leader of Facebook Financial and Novi, apparently remains confident in Novi’s ability to succeed despite more than two years of regulatory hurdles.
In an August 18 blog post, Marcus wrote: “Novi is ready to come to market. It’s regulated, and we’re confident in our operational ability to exceed the high standards of compliance that will be demanded of us.”
Novi initially launched as Calibra, a wallet designed for Libra, which now goes by the name Diem. Both faced intense regulatory scrutiny as soon as Facebook announced the project back in June 2019. Diem has yet to officially launch, and the organization backing it moved from Switzerland to the United States.
Marcus alluded to this blowback from policymakers, referring to efforts to block Facebook’s involvement in the payments system as “profoundly un-American.” He further emphasized the utility of stablecoins and the need for the best-designed to come out on top.
“What defines a well designed stablecoin is how its reserves are designed and managed, how transparent these are to consumers and regulators, and what consumer protections and compliance features the issuer offers,” wrote Marcus.
The Block recently reported that Novi is exploring the use of other stablecoins. In today’s post, Marcus appeared to echo Novi’s interest in creating a sense of distance from the Diem brand: