Chainlist, a blockchain analytic firm, recently revealed that China’s nationals are inclining towards crypto coins for transferring their money outside of China. The New York based firm had found out that nearly $50 billion in the form of cryptocurrencies left China in 2019.
Chainlist stated that the most popular digital coin in these transactions was stablecoins. In second place came Tether, which alone accounted for $18 billion of the total amount transferred in 2019.
Since the total ban on crypto trading in China since 2017, the controversial Tether has remained popular.
Chinese traders usually go to over-the-counter (OTC) terminals where they can get Tether, and other stablecoins. Next, these traders transfer them to crypto exchanges, and proceed to trade with them.
Interestingly enough, China has put a limit on the outflow of yuan outside of the country to $50 000. As a result, crypto trading is becoming a preferred option, to both retail traders and wealthy nationals.
On the other side of things, Tether has seen some controversy. It faced allegations for not being backed by the USDin a back-to-back fashion.