Senator Warren Writes to Zuckerberg, Demanding Meta Disclose Details of Latest Stablecoin Plans
Odaily News, U.S. Senator Elizabeth Warren has sent a letter to Mark Zuckerberg, demanding that Meta provide more information regarding its latest stablecoin plans, criticizing the company's "lack of transparency" in related operations.
In the letter, Elizabeth Warren stated that given Meta's massive global user base, any stablecoin-related business could significantly impact market competition, user privacy, payment system integrity, and financial stability.
Previously disclosed information shows that Facebook has been testing stablecoin payment features for select creators in Colombia and the Philippines. The program is based on USD Coin (USDC), requiring users to link third-party crypto wallet addresses. A Meta spokesperson responded that the company "does not have a Meta stablecoin," and currently only hopes users and merchants can utilize multiple payment methods on the platform, including third-party stablecoins.
Notably, Meta launched the 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 vocal cryptocurrency critics in the U.S. Congress and has repeatedly raised questions about Meta's stablecoin plans. (Fortune)
