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U.S. Senator Warren writes to Zuckerberg demanding Meta disclose details of the latest stablecoin plans
Odaily Planet Daily News: U.S. Senator Elizabeth Warren has written to Mark Zuckerberg, demanding that Meta provide more information about its latest stablecoin plans and criticizing the company’s “lack of transparency” in related operations.
In her letter, Elizabeth Warren stated that considering Meta’s massive global user base, any stablecoin-related activities could have significant impacts on market competition, user privacy, payment system integrity, and financial stability.
Previously disclosed information shows that Facebook has tested stablecoin payment features for some creators in Colombia and the Philippines, 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 that users and merchants can use various payment methods, including third-party stablecoins, within the platform.
Notably, Meta launched a stablecoin project called Libra (later renamed Diem) in 2019, but it was ultimately discontinued in 2022 due to regulatory pressure. Warren has long been one of the most vocal critics of cryptocurrency in the U.S. Congress and has repeatedly questioned Meta’s stablecoin plans. (Fortune)