<p>Although the Chinese government banned cryptocurrency trading in 2021, the Chinese have not completely abandoned crypto. By circumventing capital controls and using foreign platforms, they continue to manipulate this technology despite its informal status in China. Recently, the frenzy around local stocks impacted USDT, showing a shift in interest towards the Chinese stock market.</p>
<h2 id="h-une-demande-fluctuante-pour-l-usdt">A Fluctuating Demand for USDT</h2>
<p>The impact of crypto, notably USDT, remains undeniable, despite <strong>a decline</strong> observed. Since the end of September, <strong>this stablecoin – <a href="https://www.cointribune.com/tag/tether-usdt/" target="_blank" rel="noopener noreferrer nofollow">Tether News</a>, often exchanged for dollars, has seen its price fall below parity</strong>. Why? The <strong>spectacular rise in Chinese stocks</strong> has caused panic selling, pushing some investors to sell their USDT to <a href="https://www.bloomberg.com/news/articles/2024-10-06/-panic-buying-of-chinese-stocks-pressures-tether-crypto-s-most-traded-token" target="_blank" rel="noopener noreferrer nofollow">return to national stocks</a>.</p>
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<p>“<em>We observe a correlation between A-share demand and Tether selling</em>,” explains Annabelle Huang, partner at Amber Group.</p> 
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSDT","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script>
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSDT","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script>
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<p>In parallel, <strong>the rates on Chinese peer-to-peer marketplaces</strong> highlight this pressure: traders offer prices between 6.78 and 6.98 yuan for one USDT, while <strong>the offshore yuan trades at 7.07 against a dollar</strong>.</p>
<ul>
 <li>6.78 – 6.98 yuan for one USDT on certain platforms;</li>
 <li>Tether remains dominant in transactions despite everything;</li>
 <li>Increased pressure towards the yuan but USDT still used.</li>
</ul>
<h2 id="h-la-crypto-resiliente-malgre-tout">Crypto, Resilient Despite Everything</h2>
<p>Even with the ban, <strong>the black market for cryptocurrencies in China persists</strong>. The enthusiasm for stable crypto, especially the stablecoin USDT, proves that <strong>Chinese investors are not ready to abandon their digital strategies</strong>.</p>
<p>In fact, Chinese brokers attract significant capital flows, showing a still strong demand for digital assets. It is mainly <strong>large institutional investors, like MNNC Group,</strong> who redirect part of their portfolios to Chinese stocks but without completely turning their backs on crypto.</p>
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<p>In this context, it is <strong>difficult to precisely measure the extent of movements on exchanges</strong>, but the figures speak for themselves: a Shanghai index that climbed by 21% in September, and by 8% as soon as trading resumed in October.</p>
<p>However, despite Xi Jinping’s crackdown, the black market for crypto in China thrives, with revenues estimated at <a href="https://www.cointribune.com/en/23-7-billion-in-2024-the-black-market-for-crypto-is-thriving-in-china/" target="_blank" rel="noopener noreferrer nofollow">$23.7 billion in 2024</a>.</p>

Chinese Stocks Overshadow Crypto: Is This The End Of USDT In China?

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