It really is a hand full of U that can also lose money. USDT plummeted, and the off-exchange price in China fell to 6.92.

Due to U.S. sanctions, Huiwang (Huione) experienced a large-scale run on the bank.

Some merchants' accounts holding USDT have been marked as "sensitive assets" and cannot be used.

As a result, many merchants are forced to sell off in the over-the-counter market, with the USDT price plummeting from 7.2 to 6.9 CNY. Stablecoins, at this moment, appear not at all "stable".

Short-term volatility may continue to expand, and the window available to off-exchange merchants is rapidly narrowing.

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