Crypto HK, Hong Kong’s biggest crypto OTC exchange, saw a fivefold surge in USDT trading by Chinese clients since 2021, a trend that undermines the yuan’s use in trade.

Quotes that support claims

Crypto HK, Hong Kong's biggest crypto OTC exchange, said the monthly volume of trading in the USDT token by its Chinese clients for trade settlement purposes has jumped five-fold since 2021.

In fact, Crypto HK, Hong Kong’s largest crypto OTC exchange, reports a five-fold growth in monthly USDT trading volume by Chinese clients for trade settlement since 2021, as Reuters reported.