According to the Economic Daily, the Chinese authorities plan to tighten control over the crypto industry following the collapse of the Terra ecosystem.
According to the news outlet, the regulators will pay special attention to stablecoins after the UST and USDT lost their parity with the US dollar.
The increased pressure on the industry, which is planned in the near future, will reportedly affect the stablecoin market and minimize their influence in China.
China will ensure its own financial stability. The pressure on the crypto market in China has been increasing since 2017. For example, the country banned crypto mining last year.
