Silvergate Capital (SI) to be the Exclusive Issuer of U.S. Dollar Backed Stablecoins by Diem (FB)

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Silvergate to be the Exclusive Issuer of U.S. Dollar Backed Stablecoins by Diem

May 12, 2021 4:15 PM EDT

This strategic partnership will leverage Silvergates regulatory experience and modern financial infrastructure.

LA JOLLA, Calif.--(BUSINESS WIRE)-- Silvergate Capital Corporation (Company) (NYSE: SI), the leading provider of innovative financial infrastructure solutions to the digital currency industry, today announced a partnership with Diem Networks U.S. Inc. (Diem), in which the Companys wholly-owned subsidiary Silvergate Bank (Silvergate) will become the exclusive issuer of Diem USD.

Diem has built a blockchain-based payment system to support financial inclusion and responsible financial services innovation. In this partnership, Silvergate will issue a... More