US Senator Warren Urges Zuckerberg to Disclose Latest Stablecoin Plan Details

Odaily Planet Daily News: US Senator Elizabeth Warren has sent a letter to Mark Zuckerberg, requesting Meta to provide more information on its latest stablecoin plans, criticizing the company's "lack of transparency in related business, which is concerning."

In the letter, Elizabeth Warren stated that given Meta's massive global user base, any of its stablecoin-related businesses could have a significant impact on market competition, user privacy, payment system integrity, and financial stability.

Previously disclosed information shows that Facebook has been testing stablecoin payment functionality for certain creators in Colombia and the Philippines. The relevant plan is based on USD Coin (USDC), requiring users to bind third-party crypto wallet addresses. A Meta spokesperson responded, stating that the company "does not have a Meta stablecoin" and currently only hopes that users and merchants can use various payment methods, including third-party stablecoins, on the platform.

It is worth noting that Meta launched its stablecoin project Libra (later renamed Diem) in 2019, but ultimately terminated it in 2022 due to regulatory pressure. Warren has long been one of the most outspoken cryptocurrency critics in the US Congress and has repeatedly questioned Meta's stablecoin plans. (Fortune)