21st Century Economic Report: Only a few merchants in Yiwu are using stablecoin transactions, Yiwu Pay may submit relevant stablecoin applications to Hong Kong

【21st Century Economic Report: Only a few merchants in Yiwu are using stablecoin transactions, Yiwu Pay may submit relevant stablecoin applications to Hong Kong】 In response to Huatai Securities' research report showing that stablecoins have become an important tool for cross-border payments in Yiwu, the 21st Century Economic Report conducted field research on the use of stablecoins and found that most merchants indicated they had not heard of or did not understand stablecoins; some merchants raised questions about their compliance and costs; only a few merchants support stablecoin payments, but were unwilling to provide more details. However, some merchants showed interest in stablecoins or had some understanding, with some foreign trade merchants admitting that some overseas clients have asked whether they could use USTD or USDC for payment. A local individual who has been paying attention to virtual currency in Yiwu stated, 'To my knowledge, there are no large numbers of merchants using stablecoins in Yiwu; at least, the people around me have no intention of settling in stablecoins.'
Yiwu Small Commodities City also stated that the company currently does not have a grasp of the usage situation and related data of stablecoins in the Yiwu market, but welcomes and supports Hong Kong's positive progress in the regulatory framework for stablecoins. The company’s cross-border payment platform 'Yiwu Pay' will continue to pay attention to the relevant legislative process and will actively evaluate and submit relevant applications as soon as regulations are clear and pathways are smooth.