US senator demands answers from Meta on stablecoin plans

U.S. Senator Elizabeth Warren, a noted crypto critic, has sent a letter to Meta CEO Mark Zuckerberg demanding an explanation of the company's stablecoin initiatives. Warren requested answers by May 20 on seven key points, including the type of stablecoin being piloted, the service launch schedule, changes to Meta Pay, contract structures with third-party issuers, and measures for privacy protection and preventing illicit finance. She warned that Meta's adoption of a specific stablecoin on its platform of 3.5 billion users could have a significant impact on financial stability. The letter follows Meta's earlier announcement that it would offer a stablecoin option for paying some of its creators.