U.S. senators ask Meta to explain its stablecoin plans

U.S. Democratic senators have asked Meta to explain its stablecoin plans, CoinDesk reported. Senators Elizabeth Warren and Richard Blumenthal sent a letter to Meta, asking questions such as: - Whether it is considering launching its own stablecoin - Whether it has lobbied or provided feedback on stablecoin legislation - How its current plans differ from the discontinued Diem (formerly Libra) project They also expressed concerns that if Meta issues its own stablecoin, it will be able to collect consumers' data more actively. This could lead to issues such as targeted advertising with privacy invasion and monetization of sensitive personal information, they asserted. In May, Fortune Crypto reported that Meta was in discussions to introduce a stablecoin.