21st Century Business Herald Research on Stablecoin Transactions in Yiwu: Most merchants say they have not heard of stablecoins, with only a few willing to accept stablecoin payments

BlockBeats News, July 8th. According to 21st Century Business Herald, there have been recent market reports that there have been cases in Yiwu where foreign trade goods were paid for with stablecoins. A reporter from 21st Century Business Herald conducted on-site visits and research on the use of stablecoins in Yiwu. When merchants were asked if they could accept payment in stablecoins, most of them said they had not heard of stablecoins and were unfamiliar with them. Some merchants also questioned their compliance and costs, while only a few merchants were open to accepting stablecoin payments.

Prior reports have shown that, according to a research report from Huatai Securities, in Yiwu, China, a global hub for small commodities, local stablecoins have become one of the key tools for cross-border payments. Blockchain analysis firm Chainalysis estimates that as early as 2023, the on-chain stablecoin transactions in the Yiwu market have already exceeded $10 billion.