Deep Tide TechFlow News, on July 20, according to the Huaxia Times, the People's Court of Pudong New District in Shanghai recently announced a case involving illegal cross-border currency exchange using stablecoins. Yang and Xu, among others, manipulated accounts of domestic shell companies to provide stablecoin services for clients to achieve cross-border fund transfers, with illegal foreign exchange transactions amounting to 6.5 billion yuan within three years.

The criminal gang used USDT as a medium, employing a cross-border "matching" method to provide illegal currency exchange services for clients. The specific operation involved: domestic clients paying RMB to designated accounts while the overseas gang simultaneously transferred foreign exchange from overseas accounts to the clients' offshore accounts, usually charging a fee ranging from 1% to 3%.