An In-depth Research Report on the Penetration Paths of Stablecoins in China
the penetration path of stablecoins (such as USDT, USDC) in China is actually the product of the intertwining of multiple socio-economic undercurrents. On one end is the dissatisfaction of the domestic youth with high hidden tax burdens and financial controls; they flee the formal system and turn to third-party payments and crypto assets to control their own wealth. On the other end is the adept use of new tools by traditional gray forces (clan networks, telecom fraud gangs), who integrate stablecoins into the ancient network of underground banks to achieve cross-border money laundering and capital maneuvering. In cities like Shenzhen and Shanghai, the distortedly high social security contributions make young people "dislike the official and favor the wild," objectively providing a mass base and market demand for digital currencies [31, 6]. In regions like Chaoshan and Fujian, the deep-rooted personal-relationship society and underground financial traditions have paved the way for the landing of stablecoins, with all sorts of innovative methods, from KYC mutual aid to matching exchanges, emerging one after another.
