US Senator questions Mark Zuckerberg on Meta’s stablecoin plans

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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. Related: Mark Zuckerberg is building an AI agent to help run Meta 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. 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. Magazine: XRP ‘probably going to $12,’ Bitcoin ETFs add $1B: Market Moves More on the subject

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