After being created by Facebook last year, the Libra Association is changing its name as the group seeks to distance itself from the social media giant's original vision of a new digital cryptocurrency. The group, which consists of 27 member firms, has announced that it will change to its new name Diem (Latin for day) as it prepares to launch a single dollar-indexed stablecoin in 2021. Facebook first unveiled Libra in June 2019, and at the time, the project envisioned a stablecoin backed by a basket of fiat currencies that could be used around the world. However, this sparked a backlash from regulators and lawmakers, leading several original members of the Libra Association, such as Mastercard and Visa, to rally support for the project. Diem association chief executive Stuart Levey explained in a press release how the name change marks a new day for the project, saying: “The Diem project will provide a simple platform for fintech innovation to thrive and enable consumers and businesses make instant, low-cost and highly secure transactions. We are committed to doing this in a way that promotes financial inclusion, expanding access to those who need it most while protecting the integrity of the financial system by deterring and detecting illicit behavior. We are delighted to introduce Diem, a new name that marks the growing maturity and independence of the project.