21st Century Business Herald Investigates Yiwu Stablecoin Transactions: Most Merchants Unaware of Stablecoins, Only a Few Accept Stablecoin Payments

BlockBeats News, July 8 — According to 21st Century Business Herald, recent market rumors suggest that there have been cases in Yiwu where foreign trade goods are being paid for with stablecoins. Reporters from 21st Century Business Herald conducted on-site research in Yiwu to investigate the use of stablecoins. When asked whether stablecoin payments were accepted, most merchants said they had never heard of stablecoins or were unfamiliar with them; some merchants also raised concerns about compliance and costs; only a few merchants supported receiving payments in stablecoins.

Previous reports indicated that a research note from Huatai Securities showed that in Yiwu, China, the world’s small commodities hub, stablecoins have already become one of the key tools for cross-border payments. Blockchain analytics firm Chainalysis estimated that as early as 2023, on-chain stablecoin flows in the Yiwu market had already exceeded $1 billion.