Chinese financial regulators have instructed major domestic securities brokers and several policy think tanks to cease promoting stablecoins, including by halting research publications and cancelling seminars, according to people familiar with the matter cited by Bloomberg and Reuters. The guidance, delivered in late July and reiterated this week, seeks to cool a surge of interest in dollar-pegged tokens among mainland investors after Hong Kong passed a stablecoin bill in May. Officials worry that the rapid growth of the asset class could threaten financial stability. Although cryptocurrency trading is banned on the mainland, brokers say client inquiries about stablecoins and other digital assets have risen sharply. Regulators have asked firms to withdraw research notes and refrain from public commentary intended to market the tokens. The People’s Bank of China declined to comment, and the China Securities Regulatory Commission did not immediately respond to requests for comment.