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HomeNewsLarge Capital Flight From China Channeled Through Tether’s USDT, Says Chainalysis Report

Large Capital Flight From China Channeled Through Tether’s USDT, Says Chainalysis Report

The report said that for a long time, at least 44% of all cryptocurrency transactions in East Asia involve senders and recipients that are also within the region. Chainalysis describes this as “the closest we have to a self-sustaining market” in the global crypto industry. However, this self-sustainability is starting to change.

In sending crypto out of the country, data suggests people prefer stablecoins, to hedge against the instability of other methods. Quoting Grayscale Director of Research Philip Bonello, the report states:

“Anecdotally, it appears that users in many regions use stablecoins to access US dollars for cross-border payroll, remittance, and capital flight from local currencies.”

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