Journalists investigate the use of stablecoins in Yiwu: the vast majority of merchants say "I don't understand" about stablecoins.

According to Deep Tide TechFlow news, on July 8, a reporter from the Daily Economic News recently conducted an in-depth investigation in Yiwu International Trade City and found that the rumors about "over 3000 merchants in Yiwu using USDT and other stablecoins for payments, with monthly transactions exceeding $1 billion" are seriously inconsistent with the actual situation. The reporter visited dozens of shops, and the overwhelming majority of merchants stated "we do not accept, do not understand, and have not heard of" stablecoins, with only one shop saying "we can accept but do not handle small orders." Yiwu merchants primarily accept cash payments in RMB or USD, usually completing transactions through bank transfers or freight forwarding companies. Local association members clearly stated that, according to their understanding of member units, "almost none use stablecoins for settlement." Legal experts pointed out that currently stablecoins cannot be used for cross-border payments between mainland China and overseas, and the act of receiving stablecoins through overseas wallets and attempting to remit them back to the domestic market violates foreign exchange management regulations.