Yiwu Stablecoin Transaction "USD 10 Billion Turnover" Investigation: Only a Few Merchants Accept It

According to 21st Century Economy, recently, market news has circulated that Yiwu already has cases of accepting stablecoin payments for foreign trade goods, making it once again the focus of public attention.

A Huatai Securities research report shows that "in Yiwu, China, the world's small commodity center, stablecoins have become an important tool for cross-border payments.

Blockchain analysis company Chainalysis estimates that the on-chain stablecoin flow in the Yiwu market in 2023 exceeded USD 10 billion."

Some people have also posted online saying, "More than 3,000 merchants in Yiwu are using stablecoins such as $USDT to collect payments, with a monthly turnover of over USD 1 billion, directly saving nearly CNY 10 million in handling fees!"

The reporter of this newspaper went deep into Yiwu and conducted on-site visits and investigations on the use of stablecoins. When asked whether stablecoin payments could be used, most merchants said that they had not heard of stablecoins and did not understand them; some merchants also raised questions about their compliance and costs; only a few merchants supported stablecoin collection.