Solana event in China cut short as Beijing's stablecoin warning sparks unease

Core Insights - A Solana-themed event in Shenzhen was abruptly ended due to a local policy inquiry, raising concerns in the cryptocurrency community about potential renewed crackdowns in China [1][3] - The event was reported to be "exceptionally popular," with attendance exceeding expectations, but was canceled for public safety reasons related to overcapacity [1][2] Industry Concerns - The incident has heightened anxiety among industry players regarding the stability of digital asset policies in mainland China [3] - The People's Bank of China has issued warnings about the risks associated with stablecoins, emphasizing that they do not meet essential regulatory requirements [4][5] Market Developments - The Solana blockchain, launched in 2017, has become a significant competitor to Ethereum, with a market capitalization of approximately US$107 billion [6] - Hong Kong recently approved its first exchange-traded fund (ETF) tracking Solana, making it the third cryptocurrency allowed for direct investment in ETFs in the city, following Bitcoin and Ether [6]