Facebook’s Wallet is launching with their stablecoin, nowhere to be found

The Facebook wallet is launching, without Diem their long-awaited stablecoin. Named Novi the Facebook digital wallet subsidiary, will launch trading of the Paxos dollar in the US and Guatemala on Tuesday, October 19th, and surprisingly Coinbase will be providing Custody for the pilot program.

Customers will be enabled to purchase the Paxos dollar through Novi, and Novi will deposit the funds with Coinbase, as reported in a blog post

“This does not mean our support for Diem has changed,” the Facebook press release said. “We intend to launch Novi with Diem once it receives regulatory approval and goes live.”

The program is already live and is being rolled out steadily across the Apple store and Playstore, a spokesperson at Facebook said.

Last week I reported on Diem’s recent absence from the crypto space, and how Facebook’s own public view could be to blame.