Yiwu local association: Member companies hardly use stablecoins for settlement

PANews reported on July 8 that according to the Daily Economic News, there have been recent rumors that more than 3,000 merchants in Yiwu use stablecoins such as USDT to collect payments, with monthly transaction flows exceeding US$ 1 billion. However, reporters visited Yiwu International Trade City and found that the vast majority of merchants said they "do not accept, do not understand, and have never heard of" stablecoins, and only a few merchants said "they can accept but not for small orders." The local association also responded that almost no member companies use stablecoins for settlement, and lawyers pointed out that stablecoins cannot currently be used for cross-border payments between China and abroad.