A Reporter's Field Visit to Yiwu on Stablecoin Usage: The Vast Majority of Merchants Say They "Don't Understand" Stablecoins

On July 8th, a recent in-depth investigation by a reporter from the "Daily Economic News" at the Yiwu International Trade City revealed that the rumors of "over 3,000 merchants in Yiwu using $USDT and other stablecoins for payment, with a monthly turnover exceeding $1.0 billion" are seriously inconsistent with the actual situation. The reporter visited dozens of shops, and the vast majority of merchants stated that they "do not accept, do not understand, and have not heard of" stablecoins. Only one shop claimed to "accept them, but does not do small orders." Yiwu merchants mainly accept RMB or USD cash payments, usually completing collections through bank transfers or freight forwarding companies. Local association representatives clearly stated that, to their knowledge, "almost none" of their member units use stablecoins for settlement. Legal experts pointed out that stablecoins cannot currently be used for cross-border payments between China and overseas, and that receiving stablecoins through overseas wallets and attempting to remit them back to China violates foreign exchange control regulations. [Deep Tide TechFlow]