Massachusetts Senator Elizabeth Warren called on Meta CEO Mark Zuckerberg to answer questions about the company’s stablecoin integration in 2026, signaling concerns about guardrails.
In a Wednesday letter to Zuckerberg, Warren said Meta’s lack of transparency regarding its stablecoin was “deeply troubling,” given the company’s previous plans to roll out Libra, a global stablecoin proposed in 2019 that was later rebranded to Diem.
The senator said Meta’s plans were necessary for Congress to understand, given the US government’s efforts to pass a digital asset market structure bill with implications for stablecoin issuers.
“It is critical that Meta be transparent with Congress and the public regarding its stablecoin-related plans,” said Warren. “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.”
Source: US Senate Banking Committee
The senator asked the Meta CEO to provide details by May 20 on its “small and focused trial” for a stablecoin integration to the platform, including any planned launch date, third-party stablecoins that may be a part of the program and privacy guardrails it may have in place. Meta already rolled out stablecoin payouts in USDC (USDC) for select creators in the Philippines and Colombia in April.
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Warren sits on the Senate Banking Committee as ranking member, where she helps oversee financial agencies like the US Securities and Exchange Commission (SEC). The body is currently considering legislation to establish a comprehensive framework for digital assets in the US called the CLARITY Act, which has been stalled in the chamber for months.
Stablecoin yield compromise to advance market structure bill?
Last week, lawmakers in the Senate announced a deal between crypto and banking industry representatives that could allow the CLARITY Act to advance to a markup in the banking committee, and potentially a floor vote in the full chamber.
Although the compromise on stablecoin yield represented progress in advancing the legislation, some crypto advocates urged caution as lawmakers continue to debate other issues in the bill, including ethics and potential conflicts of interest.
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