Summary
- Sen. Elizabeth Warren asked Meta to disclose its business plans for stablecoins and answer a series of questions about the effort.
- Warren said Meta is conducting a “small, concentrated pilot” using third-party stablecoins, which she described as the company’s second attempt after the Libra project.
- Warren said Meta could function like a “private central bank” and that its expansion into payments and financial services should be viewed skeptically.
Forecast Trend Report by Period
Sen. Elizabeth Warren has asked Meta Platforms Inc. to explain its plans for stablecoins.
The Block reported on May 8 that Warren recently sent a letter to Chief Executive Officer Mark Zuckerberg demanding that Meta disclose its stablecoin business plans. She also asked Zuckerberg to answer seven questions by May 20.
In the letter, Warren cited recent reports that Meta is conducting a “small, concentrated pilot” using third-party stablecoins ahead of a broader rollout next year. She wrote that the effort would mark Meta’s second stablecoin-related venture. Meta previously pursued Libra, its own digital currency project, in 2019, but scrapped it after opposition from Congress and regulators.
Warren argued that if Libra had succeeded, Meta could effectively have operated as a “private central bank.” She also wrote that the company has prioritized profits over the privacy of US citizens and said its expansion into payments and financial services warrants skepticism.
Meta told Congress in June 2025 that it had no plans to issue its own stablecoin. Warren said the company did not disclose any commercial relationship with third-party issuers or whether it may revamp the Meta Pay wallet.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
