US Senator Warren writes to Zuckerberg demanding details of Meta's latest stablecoin plans

Odaily Planet Daily News: U.S. Senator Elizabeth Warren has written to Mark Zuckerberg, demanding that Meta provide more information on its latest stablecoin plans, criticizing the company's "troubling 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 showed that Facebook has tested stablecoin payment features for certain creators in Colombia and the Philippines. The relevant plan is based on USD Coin (USDC), requiring users to link third-party encrypted wallet addresses. A Meta spokesperson responded 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 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)