According to a press release this week, California-based Silvergate Bank announced that it will become the issuer of Diem USD, a new cryptocurrency "stablecoin" with each Diem USD unit backed by U.S. dollars. Diem USD will reportedly be issued on the "Diem payment system," a "blockchain-based payment system to support financial inclusion and responsible financial services innovation."

Another central bank digital currency (CBDC) pilot was announced this week. According to reports, Israel's central bank is "considering issuing a digital shekel that would create a more efficient payments system." The Bank of Israel is reportedly asking for public comments on CBDCs and has established a panel to perform a feasibility study.

This week, a major U.S. money transfer service announced a partnership with "the largest licensed cryptocurrency cash exchange in the U.S." According to a press release, the partnership "will bring bitcoin to thousands of new point-of-sale locations in the U.S., with plans to expand to select international markets in the second half of 2021." In a separate announcement, a major U.S. fintech firm announced that its "Cash App generated $3.51 billion of bitcoin revenue and $75 million of bitcoin gross profit during the first quarter of 2021, each up approximately 11x year over year."

More companies announced that they will begin accepting cryptocurrencies as payment this week. A U.S.-based "digital insurance platform and pay-per-mile auto insurer" will soon allow policyholders to pay for insurance and receive payment for eligible and approved insured claims in bitcoin. And a luxury condominium complex in Miami is reportedly now accepting cryptocurrency as payment for sales of its multimillion-dollar residences.

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