Elizabeth Warren demands answers from Meta over stablecoin creator payouts
Senator Elizabeth Warren has raised concerns over Meta’s renewed interest in stablecoin technology. The company recently launched a programme paying creators in USDC, a dollar-backed digital currency. Warren now demands full transparency before lawmakers advance new financial legislation. Meta’s latest move involves a creator payout system using USDC, a stablecoin tied to the US dollar. This follows the company’s failed 2019 attempt to launch Libra, its own digital currency. After abandoning that project, Meta has now revisited stablecoin technology, partly due to the recent GENIUS Act.
Warren and Senator Richard Blumenthal previously questioned Meta about its stablecoin ambitions. The responses they received were unclear. Now, Warren has set a May 20 deadline for Meta to provide detailed answers.
She argues that the company’s plans could affect financial stability and market competition. Her latest push comes as Congress prepares to vote on the Clarity Act, a bill that could reshape digital asset regulations. Meta insists it is not developing its own stablecoin, despite its ongoing experiments. Warren’s demand for clarity highlights growing scrutiny over tech firms entering financial services. The company must now respond before the upcoming legislative vote.
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