Warren Demands Meta Disclose Third-Party Stablecoin Trial

Senator Elizabeth Warren sent a letter to Meta CEO Mark Zuckerberg requesting documents and answers about a reported small trial of a third-party stablecoin. Warren asked for responses to seven questions by May 20 and cited concerns about financial stability, consumer privacy and Meta’s commercial ties as the company plans a possible wider rollout in the second half of 2026.

Warren cited reports that Meta is conducting a “small and focused trial” of a third-party stablecoin. In her letter she asked whether Meta plans changes to its MetaPay wallet to allow users to hold stablecoins as on-platform funds rather than only store payment credentials. She also requested a list of all third-party stablecoins under consideration and which, if any, have been selected.

The senator asked whether a chosen stablecoin has risk-management controls designed to scale safely if access expands to Meta’s roughly 3.5 billion users. She sought details on the trial’s structure, controls and launch timeline, and requested documentation on privacy protections and anti-money-laundering measures that would apply if Meta integrates the token across its services.

Warren pressed for clarity on commercial terms, asking whether Meta would share profits or receive transaction-based compensation tied to the stablecoin and whether it would preference that stablecoin over other payment options. She asked the company to commit to whether it intends to ever issue its own stablecoin or any product that functions as a private currency, noting Meta told lawmakers in June 2025 it had no plans to issue one.

“It is critical that Meta be transparent with Congress and the public regarding its stablecoin-related plans,” Warren wrote. She referenced Meta’s 2019 Libra effort and warned that private stablecoin arrangements can pose risks that might leave taxpayers on the hook in the event of runs on the currency. The letter also said the company has “struggled to safely offer its existing products and services” and has prioritized profitability over protecting consumer privacy.

Stablecoins have grown in use. A recent survey found 54% of crypto users held stablecoins in the past year, and holders now allocate about one-third of their total savings to crypto and stablecoins. The total supply of dollar-pegged stablecoins has passed $303 billion, with the two largest tokens accounting for most of that amount: one at roughly $189.7 billion and another near $79 billion. Industry figures have estimated that integration of stablecoins into large consumer platforms could increase use and supply, with some projecting total stablecoin supply could reach $4 trillion by 2030 if platform pilots scale.

Meta has not publicly confirmed the full scope of any stablecoin trial or the identity of third-party issuers. Warren’s letter asks for documents and specific answers that would clarify how Meta plans to address financial-stability risks, user privacy and anti-illicit-finance obligations if it expands the trial.