Summary
- US senators have warned that Meta's stablecoin adoption could undermine financial privacy and damage competitive conditions in the US economy.
- Concerns have been raised that Meta could concentrate economic power with its daily user base of 3.5 billion.
- Meta has officially denied developing a stablecoin.
As Meta (formerly Facebook) is reportedly pushing to introduce stablecoin payment systems, US senators have launched a strong objection.
According to Decrypt, a crypto-specialized media outlet, on the 12th (local time), Democratic Senators Elizabeth Warren and Richard Blumenthal recently sent a letter to Meta CEO Mark Zuckerberg, warning that "(Meta) issuing or controlling its own stablecoin could undermine competition across the U.S. economy and infringe on financial privacy."
They pointed out, "Meta could concentrate significant economic power based on its daily user base of 3.5 billion," and "Given Meta's previous record of data abuse, it could use this to monitor consumer transaction information and leverage it for advertising revenue."
According to a recent report by Fortune, Meta has reportedly been discussing with cryptocurrency companies about integrating stablecoin payment systems into its platforms, such as Instagram, Facebook, and WhatsApp.
Meanwhile, Meta has not yet released an official position. Last month, Andy Stone, Meta's spokesperson, stated via X (formerly Twitter), "There is no stablecoin currently in development at Meta."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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