PANews reported on July 8 that according to the 21st Century Business Herald, there have been market reports that Yiwu has accepted stablecoins to pay for foreign trade goods, makingPANews reported on July 8 that according to the 21st Century Business Herald, there have been market reports that Yiwu has accepted stablecoins to pay for foreign trade goods, making
Yiwu stablecoin transaction "US$1 billion flow" investigation: only a few merchants collected
1 min read
PANews reported on July 8 that according to the 21st Century Business Herald, there have been market reports that Yiwu has accepted stablecoins to pay for foreign trade goods, making it the focus of everyone's attention again. 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 flow of stablecoins on the Yiwu market chain will exceed 10 billion US dollars in 2023." Some people also posted online that "Yiwu has more than 3,000 merchants using stablecoins such as USDT to receive payments, with monthly turnover exceeding 1 billion US dollars, directly saving nearly 10 million yuan in handling fees!" To find out, the reporter went deep into Yiwu and conducted a field visit and investigation on the use of stablecoins. When asked whether they could use stablecoins for payment, most merchants said they had never heard of stablecoins and did not understand them; some merchants questioned their compliance and costs; only a few merchants supported stablecoins for payment.
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