Democratic Senator Elizabeth Warren questioned Meta CEO Mark Zuckerberg about the company’s stablecoin plans, warning of serious risks to financial stability, competition, privacy, and payments integrity.
Meta’s Stablecoin Trials Under Scrutiny
This week, US Senator Elizabeth Warren sent a new letter to Meta’s founder and CEO, Mark Zuckerberg, raising concerns about the company’s plans to integrate stablecoins into the platform.
In the letter, the Ranking Member of the Senate Banking Committee highlighted recent reports suggesting that Meta was conducting a “small and focused” trial with a third-party stablecoin and that the company plans to begin its integration in the second half of this year.
Warren's letter to Meta's Zuckerberg. Source: Senate Banking Committee
As reported by Bitcoinist, Meta began rolling out USDC payouts for select creators in Colombia and the Philippines last month, using Solana and Polygon as supported blockchain rails.
Warren affirmed that it is “essential” for the US Congress to fully understand the implications of Meta’s integration plans as it considers the crypto-market structure bill, the CLAIRTY Act.
“Any attempt to control, influence, or preference a stablecoin on Meta’s platforms–even a stablecoin issued by a third party–could have serious implications for competition, privacy, the integrity of our payments system, and financial stability,” she argued.
The Senator also raised concerns about the lack of transparency, underscoring Meta’s failed attempt to launch its own stablecoin six years ago. For context, the company announced its Libra project in 2019, but it was ultimately shut down in 2022 after massive pressure from US regulators and politicians.
“It is critical that Meta be transparent with Congress and the public regarding its stablecoin-related plans. Beyond the failure of its previous attempt to issue its own global private currency, the company has struggled to safely offer its existing products and services (…). Any new products, especially related to payments and financial services, should be treated with skepticism,” she stated.
Warren’s Probe Intensifies
The latest inquiry follows a June 2025 letter in which Warren and Senator Richard Blumenthal questioned Meta over reports that the company was renewing its efforts to launch a private currency project.
At the time, the senators affirmed that Big Tech companies issuing or controlling private currencies would threaten competition across the economy, erode financial privacy, and cede control of the US money supply to “monopolistic platforms that have a history of abusing their power.”
Days before, Warren had warned that the GENIUS Act, the landmark stablecoin bill, included a major loophole that would allow Big Tech firms like Meta to re-enter the space with minimal oversight.
As the senator noted in her latest letter, the company’s initial response affirmed that there was no Meta-issued stablecoin, adding that it had no plans to issue one in the future. Given the recent reports, she has now pressed for details on the integration plan by May 20, including the nature of Meta’s trial and roadmap for a potential H2 2026 launch.
Moreover, she requested information on whether the company has selected or will select a third-party stablecoin, whether it intends to make any changes to the MetaPay wallet, how Meta has strengthened its illicit finance controls, what privacy guardrails it has in place ahead of the integration, and whether it still has no plans to issue a stablecoin.
The total crypto market capitalization is at $2.63 trillion in the one-week chart. Source: TOTAL on TradinView
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