Senator Warren writes to Zuckerberg requesting Meta to disclose details of the latest stablecoin plan

U.S. Senator Elizabeth Warren wrote to Mark Zuckerberg, requesting more information from Meta regarding its latest stablecoin plan and criticizing the company's "lack of transparency" in related business as concerning.

In her letter, Elizabeth Warren stated that given Meta's vast global user base, any stablecoin-related business could have a significant impact on market competition, user privacy, the integrity of payment systems, and financial stability. Previously disclosed information indicated that Facebook has been testing stablecoin payment features for certain creators in Colombia and the Philippines, with the plan based on USD Coin (USDC), requiring users to link a third-party crypto wallet address. 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. 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 toughest critics of cryptocurrency in the U.S. Congress and has repeatedly questioned Meta's stablecoin plans.