Xiao Lei: Tether issues stable coins based on offshore renminbi, and the system risks faced by investors will be even greater.

On August 23, the news that Tether will issue stable coins anchoring offshore renminbi, financial writer Xiao Lei said that Tether is very good at public relations, mainly because Tether's main users are in China. Previously, the Bitfinex account was frozen by the United States. As a result, platform coins were raised to raise funds, and almost 90% of users also came from China. This time, because the US market was clearly rejected by the court, Tether's business based on the US and the US dollar may have a huge impact, and the Chinese market has become the only choice. On the one hand, the offshore market is easy to operate. At present, Hong Kong cannot effectively monitor it. On the other hand, domestic users are more likely to eat this set. Therefore, Xiao Lei believes that this issue is based on the stable currency of offshore RMB. Tether's operational space will be larger, and the system risks faced by investors will be greater. Because there is no regulatory balance like the US, then Tether is in RMB. Under this framework, it is easier to misappropriate user funds, and then wait for the US to be punished, and then use the Chinese user's funds to pay the US fine. Xiao Lei said that there are a lot of credit problems in this way.