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US Senator Elizabeth Warren has sent a letter to Meta CEO Mark Zuckerberg requesting a detailed explanation of the company’s stablecoin plans. Warren stated that the lack of transparency regarding Meta’s recent initiatives in the stablecoin space is “extremely disturbing.”
Warren stated that Meta’s new steps in payment systems and financial services should be carefully examined, particularly citing the company’s past controversial Libra (later renamed Diem) global stablecoin project. The Democratic senator has long been wary of large tech companies’ activities in the crypto finance space.
The letter requested that Meta share details about its stablecoin pilot program by May 20th. The information Warren requested included the project’s planned launch date, the third-party stablecoins used, and privacy and risk control measures.
According to sources close to the matter, Meta tested USDC-based stablecoin payments with select content creators in the Philippines and Colombia in April. The stablecoin payments reportedly aim to offer content creators faster and lower-cost cross-border transfers.
*This is not investment advice.