In March 2025, the Pudong Court in Shanghai sentenced a case. A group of people set up 17 shell companies with no actual business.

In recent years, they have used USDT to illegally exchange foreign exchange for 6.5 billion yuan. ​

Their operation method is quite covert: people in China who want to exchange foreign exchange transfer RMB to their designated domestic accounts, and their accomplices abroad simultaneously transfer the same amount of foreign currency to this person's overseas account. The whole process is like "counter-trading", and the money does not really flow across the border. ​

The handling fee charged by this group of people is very high, 1%-3%, which is dozens of times more expensive than the regular channels of banks. Take exchanging 500,000 US dollars as an example, they can earn 36,000 to 108,000 yuan. Because they can make so much money, this kind of thing happens frequently across the country. For example, there is a case in Chongqing, involving a capital flow of 14 billion yuan, and a personal profit of 4.77 million yuan.​

After the 6.5 billion case in Shanghai was exposed, it can be seen that our country wants to use the power of law to prevent the illegal flow of this stable currency. One of the important experiences is to ignore those superficial things and directly trace the real flow of money, and to investigate shell companies.

However, whether these practices in our country can become international standards is still unclear. It depends on two points:

First, whether it can be compatible with the current system dominated by US dollar stable currency

Second, how to find a balance between protecting personal privacy and allowing transactions to be reviewed clearly.

Standard Chartered Bank estimates that by 2028, the global stable currency market may be 2 trillion US dollars, so the competition between countries on who will manage and how to manage this matter has just begun#稳定币监管风暴