Meta faces new scrutiny over stablecoin plans

Two U.S. Senators, Elizabeth Warren and Richard Blumenthal, have officially sent a letter to Meta CEO – #MarkZuckerberg , requesting clarification on the company’s cryptocurrency-related activities.

According to initial information, #meta may be collaborating with crypto companies to test stablecoin payment features on popular platforms like Facebook, Instagram, and WhatsApp. This move has raised significant concern among lawmakers, as it recalls Meta's previous unfulfilled ambitions with the Libra/Diem project – an attempt to issue digital currency that was halted due to strong opposition from Congress and regulatory agencies during the 2019–2022 period.

The two Senators warned that if Meta issues or controls its own type of stablecoin, it could:

Harm overall economic competition,

Negatively impact users' financial privacy,

Disrupt the national monetary system.

This event marks a significant turning point in the oversight of #BigTech entering the crypto space, and shows that the U.S. government remains cautious about major tech companies issuing their own digital currencies.