Chinese financial authorities have reportedly ordered domestic brokerages and research institutions to halt the promotion of stablecoins, asking them to cancel seminars and refrain from publishing any related research.
This move, which took place in late July and early August, is part of a broader effort by Beijing to curb speculative behavior and fraudulent schemes associated with dollar-pegged digital tokens, according to sources cited by Bloomberg.
While regulators have acknowledged the utility of stablecoins in cross-border finance, they remain wary of their unchecked growth within China’s borders.
Officials have expressed concerns that stablecoins, typically backed by fiat …