U.S. Senator writes to Zuckerberg, inquiring about Meta's stablecoin plan

U.S. Senator Elizabeth Warren wrote to Meta CEO Mark Zuckerberg, requesting him to disclose Meta's latest plans in the stablecoin sector and expressing concerns about its recent push for stablecoin payment integration.

Warren stated that the transparency of Meta's stablecoin project is deeply concerning, especially considering the widespread regulatory controversies that arose from its earlier launch of the Libra (later renamed Diem) global stablecoin initiative. She asserted that Meta's new attempts in the payment and financial services sector should be subject to careful scrutiny. Warren demanded that Meta clarify the details of its stablecoin pilot program by May 20, including the launch timeline, the third-party stablecoins involved, and related privacy and risk control measures. It is reported that Meta has been testing USDC-based stablecoin payment functionality with select content creators in the Philippines and Colombia since April. Currently, the U.S. Senate Banking Committee is reviewing the digital asset market structure bill known as the CLARITY Act, where the regulatory framework for stablecoins and issues of conflicts of interest remain contentious points. As a senior Democratic member of the committee, Warren has long held a cautious stance on large tech companies' involvement in crypto finance.