In recent months, stablecoins have undoubtedly become the hottest topic in the financial sector and the crypto world! The United States and Hong Kong have successively passed legislation supporting stablecoins, and internet giants along with established financial institutions are jumping in, either hoarding coins or applying for licenses, as if a spring breeze suddenly arrived, causing thousands of pear trees to bloom. In contrast, the mainland of China still shows no signs of policy relaxation, giving a strong sense of just sitting back and waiting. Among this, news about the large-scale use of stablecoins in Yiwu has spread widely online, with the main sources being two: Huatai Securities' research report shows that stablecoins have become an important tool for cross-border payments in Yiwu, and blockchain analysis company Chainalysis estimates that the on-chain stablecoin flow in the Yiwu market will exceed 10 billion USD in 2023.
Interestingly, when reporters conducted on-site visits and research, most merchants indicated that they had not heard of stablecoins and were unfamiliar with them. A small number of merchants expressed doubts about the compliance and costs of stablecoins, and only a very few merchants.