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Stablecoin Use In Hong Kong Has Surged Twice, May Be Connected To New National Security Law
Summary: Recent data suggests that individuals in Hong Kong are using USD backed stablecoin USDT more often following China's decision to impose a strict national security law over the semi-autonomous territory, as reported by CoinDesk. The crypto trading platform TideBit saw a surge in trading volume following the announcement of the law from China. A second ...
Recent data suggests that individuals in Hong Kong are using USD backed stablecoin USDT more often following China's decision to impose a strict national security law over the semi-autonomous territory, as reported by CoinDesk.
The crypto trading platform TideBit saw a surge in trading volume following the announcement of the law from China. A second surge in volume came shortly after the law was enacted. These surges could be driven by whales, but it is also possible that Chinese citizens are attempting to protect their assets using crypto.
Most crypto business in China is carried out using over-the-counter providers and stablecoins are a popular way for citizens to evade capital controls.
By Emily Mason
Tags: Hong Kong,National Security Law,Stablecoins,USDT
Link: Stablecoin Use In Hong Kong Has Surged Twice, May Be Connected To New National Security Law [Copy]
