Stablecoins pose rising risks to the financial system as more technology and payments companies embrace digital currencies, according to the director of the Consumer Financial Protection Bureau. Rohit Chopra, in his first appearance before Congress since taking the helm of the CFPB, said the bureau will analyze and collect data about how companies like Facebook Inc., plan to use tokens, part of a wider probe into how technology giants harvest, use and market consumer data. “Stablecoins are right now primarily used for speculative purposes,” Chopra said during a House Financial Services Committee hearing Wednesday. ... (full story)