Tether Finds Real-World Use Case In China-Russian Grey Market

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The grey market flow of cheap Chinese goods into the Russian market has established a real-world use case for Tether. Millions of dollars worth of USDT are being used every day to sidestep strict capital controls for remittances back to China. The Flow Of Rubles Into Tether OTC trading desks in Moscow are doing a roaring trade selling crypto, most of which finds its way back to China. But only 20% of sales are in Bitcoin, the rest are in stable coin, Tether (USDT). The trade comes from a constant flow of Chinese merchants, carrying bags of Rubles to exchange, made selling cheap important items on the grey market. Tether has seen most use as a temporary hedge against bitcoin price drops, and to expedite arbitrage opportunities. However, the Chinese merchants of Moscow find it has the ideal properties for their needs,and has allegedly been buying an estimated $10 million…

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