Diem, a Facebook-backed stablecoin project formerly known as Libra, has successfully processed a total of 50 million transactions on its testnet, according to the blockchain browser inDiem.

The Diem testnet has more than 222,000 participants, allowing network developers to detect and correct Diem issues before public release. They use LBR (tokens running on the Diem blockchain) for network interaction.

This progress is a positive signal as the association expects to launch Diem later this year.

By Mary Liu