US Senator Warren sends letter to Zuckerberg demanding Meta disclose details of latest stablecoin plans

Odaily Planet Daily News: U.S. Senator Elizabeth Warren has sent a letter to Mark Zuckerberg, requesting Meta provide more information regarding its latest stablecoin plans and criticizing the company's "lack of transparency" in related operations.

In her 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 tested stablecoin payment functionality for some creators in Colombia and the Philippines. The related scheme is based on USD Coin (USDC), requiring users to link a third-party crypto wallet address. A Meta spokesperson responded, stating that the company "does not have a Meta stablecoin" and currently only hopes that users and merchants can utilize multiple payment methods on the platform, including third-party stablecoins.

It is worth noting that 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 questioned Meta's stablecoin plans. (Fortune)