Facebook has launched a pilot of its Novi digital wallet in the US and Guatemala for sending and receiving money using the Paxos stablecoin, in partnership with Coinbase.
The group argues that Facebook "cannot be trusted to manage a payment system or digital currency when its existing ability to manage risks and keep consumers safe has proven wholly insufficient."
Senate Democrats called on Facebook to end its digital wallet and cryptocurrency project in a letter to chief executive Mark Zuckerberg, saying that the company "cannot be trusted to manage cryptocurrency."