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Chinese importers in Russia are buying up to $30 million a day of tether (USDT) from Moscow’s over-the-counter trading desks.⁰
— Karol Cummins (@karolcummins) July 31, 2019
They use the cryptocurrency to send large sums back to their home country, which has strict capital controls.https://t.co/babefyK9dI
Great article. Chinese traders who need to repatriate funds are evading capital controls by using Tether--a stablecoin--and not bitcoin: https://t.co/ZHHmCmOcuz People crave stable media-of-of-exchange, not roller-coaster rides. pic.twitter.com/CZ4eEQggu3
— JP Koning (@jp_koning) July 31, 2019
Interesting use case for a #stablecoin: “Nobody actually cares if tether is backed or not..." However, the regulators in the US, China & Russia may have an issue... https://t.co/9NKcVcoLEW
— The Anchor.io (@theanchor_io) July 30, 2019
Crypto still has so many wild stories about the real life things!
— Anna Baydakova (@baidakova) July 30, 2019
“Nobody really cares if USDT is backed or not.” Talked to people who know why - check it out! via @coindesk https://t.co/63XITtOlIM
IN DEPTH: @Tether_to has a real-world use case: Chinese importers of cheap goods in Russia use it to send millions home everyday. @baidakova reports. https://t.co/1YnKlqllYK
— CoinDesk (@coindesk) July 30, 2019
Millions in Crypto Is Crossing the Russia-China Border Daily. There, Tether Is King https://t.co/YVzlTVTmqn via @CoinDesk #crypto #china #russia
— John Koetsier (@johnkoetsier) July 31, 2019
러시아에 있는 중국인 무역업자들이 미국 달러화와 연동되도록 설계된 암호화폐 Tether를 구입해 외환규제를 우회하여 고국에 송금하는 데 사용한다고... 이렇게 유통되는 Tether화만 매일 수천만 달러 상당에 달한다고 함https://t.co/Sco6vqsdjQ
— H. Kim (@metavital) July 31, 2019
The turnaround of #tether is fast, so for the #merchants using the #token for remittances. Large batches of $USDT get transferred to China overnight and then exchanged for yuan.#MoneyInTheRightDirection https://t.co/hOa3Fz7bZh
— Stablecoin Movement (@StablecoinPAY) July 30, 2019
As @pascalbouvier notes, this is very similar to a "new eurodollar market without institutional founders" - operating on permissionless payment rails that enable, in this case, the circumvention of capital controls.https://t.co/6aDKhTz08H
— Michel Rauchs (@mrauchs) July 31, 2019
Over the last day, we've had four significant news stories about @Tether_to, the industry's most popular and controversial, break. The first was that Chinese importers in Russia were using the stablecoin to circumvent capital controls. https://t.co/vm09zGfUev /1
— Amun (@AmunAG) July 31, 2019
This is an incredible read. Nice work by @baidakova https://t.co/2pOgC9aSHw
— Nikhilesh De (@nikhileshde) July 30, 2019
It's not surprising that Moscow's OTC market is mostly cash-driven.
— Yuri de Gaia (@Y_deGaia) July 30, 2019
"Millions in Crypto Is Crossing the Russia-China Border Daily. There, Tether Is King"https://t.co/QKMZMykU13 pic.twitter.com/EL8wWA4DHN
A rare case study in how crypto is actually being used by businesses: Chinese importers sending money home from Russia, to get around govt capital controls. The businesses don't want to deal with the volatility of Bitcoin so they use a stablecoin, Tether. https://t.co/JC9vJhmgHH
— Nathaniel Popper (@nathanielpopper) July 30, 2019
Yet another proof that people prefer "utility" over "sound money"https://t.co/d1BDYPvaA4
— Timur Badretdinov (@DestinerX) July 30, 2019
Interesting use case where Tether replaced Bitcoin: https://t.co/5RHanDHiVN Will Stablecoins start to replace Bitcoin as a Store of Value in other use cases as well?
— Ted Livingston (@ted_livingston) July 30, 2019
Wait until @reserveprotocol enters this #stablecoin space with $RSV / $RSR - Millions in Crypto Is Crossing the Russia-China Border Daily. There, Tether Is King https://t.co/JIUEeU8ZjN via @CoinDesk
— Ryan Charleston (@ryancharleston) July 31, 2019