Yiwu Local Association: Almost no member companies use stablecoins for settlement

According to the Daily Economic News, there have been rumors recently that over 3000 merchants in Yiwu are using stablecoins such as USDT to receive payments, with monthly transaction volumes exceeding 1 billion US dollars. However, reporters visited Yiwu International Trade City and found that the vast majority of merchants stated that they "do not accept, do not understand, and have not heard of" stablecoins, with only a few merchants stating that they "accept but do not do small orders". The local association also responded that member companies have hardly used stablecoins for settlement, and lawyers pointed out that currently stablecoins cannot be used for cross-border payments between China and overseas.