Hong Kong stablecoin stocks slump after PBOC vows cryptocurrency crackdown

Core Viewpoint - Hong Kong-listed stocks related to stablecoins experienced a significant decline following China's central bank's announcement to intensify its crackdown on virtual currencies and raise concerns regarding stablecoins [1] Group 1: Market Reaction - Stocks associated with stablecoin businesses in Hong Kong tumbled on Monday, indicating a negative market reaction to regulatory news from China [1]