21st Century Business Herald: Only a Few Merchants in Yiwu Use Stablecoins for Transactions, Yiwu Pay May Submit Hong Kong Stablecoin-Related Application

According to Jinse Finance, in response to a Huatai Securities research report indicating that stablecoins have become an important tool for cross-border payments in Yiwu, 21st Century Business Herald conducted on-site research into the use of stablecoins. The findings revealed that most merchants said they had never heard of or did not understand stablecoins; some merchants also raised concerns about their compliance and costs. Only a few merchants supported receiving payments in stablecoins, but were unwilling to share further details. However, some merchants showed interest in stablecoins or had some understanding of them. Several foreign trade businesses admitted that some overseas clients had inquired about the possibility of paying with USDT or USDC. A local Yiwu resident who has long followed virtual currencies stated, “As far as I know, there is no widespread use of stablecoins among merchants in Yiwu; at least, no one around me is willing to settle transactions in stablecoins.” Yiwu International Trade City also stated that the company currently does not have data or information on the use of stablecoins in the Yiwu market, but welcomes and supports Hong Kong’s positive progress in establishing a regulatory framework for stablecoins. The company’s cross-border payment platform, ‘Yiwu Pay,’ will continue to monitor relevant regulatory developments and, once regulations are clarified and pathways are open, will actively assess and promptly submit relevant applications.