U.S. Senator Warren Demands Meta Disclose Details on Stablecoin Plans

ChainCatcher report: U.S. Senator Elizabeth Warren sent a letter to Mark Zuckerberg requesting further details about Meta’s latest stablecoin initiative and criticizing the company’s “concerning lack of transparency” regarding its related business activities. In the letter, Warren stated that, given Meta’s vast global user base, any stablecoin-related business could significantly impact market competition, user privacy, the integrity of payment systems, and financial stability. Previous disclosures revealed that Facebook has tested stablecoin payment features for select creators in Colombia and the Philippines, with the solution built on USD Coin (USDC) and 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 a variety of payment methods on the platform, including third-party stablecoins. Notably, Meta previously launched the stablecoin project Libra (later renamed Diem) in 2019, but 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 plans.