A financial dilemma has sent local-level financial authorities across China scrambling as they try to navigate a stablecoin frenzy that some say has become a breeding ground for chaos, with scams that have already duped millions.
As a result, several local governments have elevated stablecoins to the top of their agendas in recent weeks while issuing urgent warnings to investors about illegal fundraising and fraudulent schemes.
With this in mind, the nation’s top financial authorities remain…