Odaily Planet Daily report: U.S. Senator Elizabeth Warren wrote to Mark Zuckerberg, requesting additional information about Meta’s latest stablecoin plan and criticizing the company’s “concerning lack of transparency” regarding its related business activities.
In her letter, Elizabeth Warren stated that, given Meta’s vast global user base, any stablecoin-related business could have significant implications for market competition, user privacy, the integrity of payment systems, and financial stability.
Previously disclosed information showed that Facebook had tested stablecoin payment features for select creators in Colombia and the Philippines, with the solution 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 aims to enable users and merchants to use various payment methods on the platform, including third-party stablecoins.
Notably, Meta launched its 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 most vocal critics of cryptocurrency in the U.S. Congress and has repeatedly raised concerns about Meta’s stablecoin initiative. (Fortune)