China demands securities firms to stop promoting stablecoins to prevent risks

According to Bloomberg, China has requested local securities firms and institutions to stop publishing stablecoin research reports or holding related events to prevent market overheating and potential risks. From late July to early August, several large securities firms and think tanks received guidance from financial regulatory agencies to cancel related promotions. Recently, Beijing, Suzhou and other places have issued warnings about the risks of illegal fundraising of virtual currencies and stablecoins.