Recently, Chinese authorities instructed large brokers and financial institutions to stop publishing reports, promoting, and holding seminars that favor stablecoins - cryptocurrencies backed by fiat currencies like the US dollar.
The measure, which began between the end of July and the beginning of August 2025, aims to contain the growing interest in this type of asset and prevent possible instabilities in the local financial system, as well as to prevent its use in scams and fraud.
Although China has already banned the use and mining of cryptocurrencies since 2021, the recent movement arises in a context of growing domestic curiosity about stablecoins — driven in part by new legislation in Hong Kong, which seeks to become a global hub for digital assets.
So far, agencies such as the China Securities Regulatory Commission and the People’s Bank of China have not issued official comments on the recommendation.
