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Warren demands Meta explain the transparency issues of the USDC stablecoin pilot.
CryptoWorld News reports that Massachusetts Senator Elizabeth Warren has called on Meta CEO Mark Zuckerberg to explain the details of its USDC stablecoin pilot by May 20, including which stablecoins and wallets are used, how the issuer such as Circle is selected, what data is collected, and how social and financial activities are distinguished. Warren warned in her letter that Meta’s quiet push into USDC payments could have “serious implications” for competition, privacy, the integrity of payment systems, and financial stability. She expressed concern over Meta’s “lack of transparency” regarding its stablecoin strategy and demanded a detailed response about the scope of its current pilot, partners, and safeguards. Warren also noted that given Meta’s “massive global user base,” any stablecoin-related activities could significantly impact market competition, user privacy, and the integrity of payment systems, and therefore must undergo careful scrutiny by regulators and lawmakers.