Elizabeth Warren seeks information on Meta’s latest stablecoin plans in letter to Mark Zuckerberg

Meta rolled out a stablecoin pilot on Facebook last week following years of false starts, and it didn’t take long before a familiar antagonist took notice. On Wednesday, Sen. Elizabeth Warren (D-Mass.) delivered a letter to Meta CEO Mark Zuckerberg calling its “lack of transparency” surrounding its stablecoin plans “troubling” and seeking answers to a range of questions surrounding Meta’s stablecoin integration, according to a copy of the letter obtained by Fortune. In the letter, the ranking member on the Senate Banking Committee argued that given Meta’s massive global userbase, any kind of stablecoin activity on the platform could have “serious implications for competition, privacy, the integrity of our payments system, and financial stability.” Warren added that Congress needs to understand the extent of Meta’s plans for stablecoins, which are a type of cryptocurrency pegged to the dollar, during a time when lawmakers are working to pass a bill related to crypto market structure. Some of the questions raised in Warren’s letter to Meta were partially answered last week, when a website update revealed that Facebook had quietly rolled out stablecoin payments for some creators in Colombia and the Philippines. The program involved Circle’s USDC stablecoin and requires users to add third-party wallet addresses to their Facebook accounts, meaning that crypto integration within Meta currently remains limited. “We have repeatedly conveyed directly to Sen. Warren that there is no Meta stablecoin. We have also told Sen. Warren we want people and businesses to be able to pay the way they want on our platforms, which may include through third-party stablecoin. More information can be found in our Help Center here,” a spokesperson for Meta told Fortune. Meta is no stranger to facing scrutiny from lawmakers over its crypto plans. In 2019, the company (then named Facebook) announced plans to roll out a stablecoin named Libra, later changing the project’s name to Diem following a