Chinese regulators have ordered domestic financial institutions to stop promoting stablecoins, banning research reports and public seminars on this class of assets for fear of speculation and scams.
According to a Bloomberg report, the directive was issued in late July and early August to major brokerages and research firms.
The move underscores Beijing's intensifying campaign to curb retail enthusiasm for dollar-pegged tokens, even as policymakers assess the potential role of stablecoins in cross-border finance.
Authorities have expressed concern that stablecoins could facilitate illegal fundraising in mainland China.
As China tightens restrictions, Hong Kong is moving forward with its own stablecoin issuance regime, highlighting divergent approaches within Greater China.