Yiwu stable coin payment rumors of over $10 billion in doubt, foreign traders prefer traditional methods.

First Financial reported that brokerage reports cited data from Chainalysis, indicating that since 2023, the circulation of stablecoins in the Yiwu market for cross-border payments has exceeded 10 billion US dollars. However, this data has not been confirmed by official reports, and the original model of Chainalysis is also not publicly available. Foreign traders in Yiwu generally doubt the low usage rate of stablecoins, and consider traditional methods such as telegraphic transfer, letter of credit, and platforms like LianLian and PingPong to be more mainstream because they support 6-13% export tax rebates, which meet financing and compliance needs. Yuan Haotian, the general manager of Shanpo Needle Textile, stated that surrounding companies hardly use stablecoins, and the US dollar remains the preferred settlement currency. Stablecoins face constraints such as exchange costs, compliance risks, and operational complexities. The Yiwu "Yipay" platform only settled 780 million US dollars in cross-border RMB transactions in 2024, indicating that stablecoins are still a peripheral choice.