Svmuu reported that U.S. Senator Elizabeth Warren has sent a letter to Mark Zuckerberg requesting that Meta provide more information regarding its latest stablecoin initiative, criticizing the company’s "concerning 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 have significant implications for market competition, user privacy, payment system integrity, and financial stability.
Previously disclosed information indicates that Facebook has tested stablecoin payment features with a select group of creators in Colombia and the Philippines. The relevant solution is based on USD Coin (USDC), requiring users to link a third-party crypto wallet address. A Meta spokesperson responded by stating that the company "does not have a Meta stablecoin" and currently merely aims to allow users and merchants to utilize various payment methods on the platform, including third-party stablecoins.
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 toughest crypto critics in the U.S. Congress and has repeatedly raised questions about Meta's stablecoin plans. (Fortune)