21st Century Business Herald: Only some merchants in Yiwu are using stablecoins for transactions, and Yiwu Pay may submit applications related to stablecoins in Hong Kong

In response to Huatai Securities Research Report showing that stablecoins have become an important tool for cross-border transfer in Yiwu, 21st Century Business Herald conducted a field visit to the use of stablecoins and found that most merchants said they had not heard of or understood stablecoins; some merchants questioned their compliance, cost, etc.; only a few merchants supported stablecoin collection, but more details were not disclosed. However, some merchants showed interest in stablecoins or had a certain understanding. Some foreign trade merchants admitted that some overseas merchants have asked if they can use USTD or USDC to pay. "As far as I know, there are not a lot of merchants in Yiwu using stablecoins, at least the people around me are not willing to settle with stablecoins," said a local person who has long followed virtual currencies in Yiwu.
Yiwu Small Commodity City also said that the company does not currently have the use of stablecoins in the Yiwu market and related data, but welcomes and supports the positive progress of Hong Kong's stablecoin regulatory framework. The company's cross-border transfer platform, Yiwu Pay, will continue to pay attention to the relevant regulatory process, and will actively evaluate and submit relevant applications as soon as possible after the regulations are clear and the path is smooth.