The cryptocurrency proposed by social media giant Facebook is gearing up to launch using a “phased approach,” its co-creator explains. The Diem Association, which oversees the crypto’s development, has been in talks with regulators to obtain a license.

Diem Updates Launch Plan

The Facebook-backed cryptocurrency “diem,” formerly called libra, is taking a “phased approach” to launch, co-creator and chief economist of Diem, Christian Catalini, told CNBC in an interview published on Tuesday.

The Switzerland-based nonprofit Diem Association, which oversees diem’s development, aims to launch a pilot with a single stablecoin pegged to the U.S. dollar this year, the news outlet reported, citing a person familiar with the matter.

This pilot will be small in scale and will largely focus on transactions between individual consumers, the person explained, adding that there may also be an option for users to buy goods and pay for…

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