【China's First! Wuxi Flips the Table】Official "Release Water" for Stablecoins, Has the SWIFT Coffin Nail for Foreign Trade Settlement Been Driven In?!
The Wuxi Municipal Party Committee's meeting, to put it bluntly, is led by the government, aiming to test the use of stablecoins like USDT and USDC to solve the longstanding issues faced by foreign trade enterprises in cross-border payments—high fees, slow processing, and cumbersome procedures. They want to find a path that is both compliant and genuinely usable.
They accurately grasp the pain points, but "compliance" is a life-and-death line:
It is common for small and micro foreign trade enterprises to be "skinned" by banks in cross-border settlements, while the advantages of stablecoins being instant and low-cost are of nuclear weapon caliber.
BUT! The biggest risk isn't technical, it's policy risk. You understand the domestic stance on cryptocurrencies; directly receiving payments in USDT? You could easily cross the red line. What Wuxi wants to explore is absolutely not about "letting enterprises use coins freely," but how to create a controllable, traceable, and possibly even "digital yuan-friendly" stablecoin usage channel under the watchful eyes of the central bank and foreign exchange administration. The difficulty is akin to walking on a tightrope.
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