Foreign media: Chinese companies buy USDT up to 30 million US dollars from Moscow OTC counter every day to transfer funds to China

According to Coindesk, a Moscow trader said that despite the long-standing doubts about USDT collateral, in this market, "actually no one cares if Tether is supported." Tether's most famous application is to allow encrypted traders to quickly transfer funds between exchanges to take advantage of arbitrage opportunities. But according to several Moscow OTC traders, it has at least one real-world use case – the preferred remittance service for local Chinese importers. According to these traders, the total amount of USDT purchased by Chinese companies can reach 10 million to 30 million US dollars per day. Maya Shakhnazarova, head of over-the-counter trading at Huobi Russia, said, “They have accumulated a lot of cash in Moscow and need to transfer it to China.” This is a simple process. Shakhnazarova said, “The customer comes with cash, we register the price on the exchange, and when we agree to the price, we reach a deal. The customer pays the cash and wallet address and the seller sends the USDT to the wallet.”