TechFlow news, on July 8, a reporter from "Everyday Economic News" conducted an investigation in Yiwu International Trade City and found that rumors claiming "over 3,000 merchants in Yiwu use USDT and other stablecoins for payments, with monthly transaction volumes exceeding 10 billion USD" are seriously inconsistent with reality. The reporter visited dozens of shops, and the vast majority of merchants responded to stablecoins with "do not accept, don't understand, haven't heard of it," with only one shop stating "can accept but won't process small orders." Merchants in Yiwu primarily accept RMB or USD cash, typically receiving payments via bank transfers or freight forwarding companies. Local association representatives clearly stated that, based on their knowledge of member units, "almost none use stablecoin settlements." Legal experts pointed out that currently stablecoins cannot be used for cross-border payments between China and overseas; receiving stablecoins through overseas wallets and attempting to transfer funds back into China violates foreign exchange regulations.
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