Multiple major brokerages and financial institutions have reportedly been instructed behind closed doors to cancel upcoming seminars and remove research reports related to stablecoins, according to Bloomberg sources. The move, while not publicly confirmed by the China Securities Regulatory Commission or the central bank, reflects growing official concern about illicit uses of the asset class.

Authorities appear especially worried about the role stablecoins play in underground crypto transactions, which remain widespread despite China’s long-standing ban. Chainalysis estimates that OTC digital asset trading in the country reached roughly $75 billion in just the first nine months of 2024. Officials have also linked the sector to recent money laundering crackdowns, prompting renewed risk warnings across several provinces.

Currency strategist Christopher Wong noted that Beijing is eager to avoid what he called a “herd mentality” among inexperienced investors, preferring to cool speculation before it spirals.

Yet the stance on the mainland contrasts sharply with developments in Hong Kong. There, the government is actively encouraging a regulated crypto industry, granting licenses to several state-linked firms to operate in the space. The city’s stablecoin licensing framework stands in stark contrast to Beijing’s quiet restrictions, underscoring the divide in policy between the two jurisdictions.

Ironically, China’s own central bank governor, Pan Gongsheng, has recently spoken favorably about stablecoins, suggesting they could play a transformative role in global finance, particularly as geopolitical tensions strain traditional payment networks.

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Filed under: Bitcoin - @ August 9, 2025 2:01 am