China Tells Brokers To Stop Touting Stablecoins To Cool Frenzy

An anonymous reader shares a report: China told local brokers and other bodies to stop publishing research or hold seminars to promote stablecoins [non-paywalled source], seeking to rein in the asset class to avoid instability. Some leading brokerages and think tanks in late July and earlier this month received guidance from financial regulators, urging them to cancel seminars and halt disseminating research on stablecoins, people familiar with the matter said. Regulators are also concerned that stablecoins could be exploited as a new tool for fraudulent activities in mainland China, said the people, who asked not to be identified because the details are private.

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