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Under Peer's trading mechanism, USDC sellers deposit tokens into an onchain smart contract escrow on the Base network prior to transaction completion.

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From the articleChinese payments giant Alipay denies supporting crypto trading via PeerAlso in Alipay Denies Crypto Trading Support After Peer’s USDC Beta Launch
Cc9f267dcArticle

Chinese payments giant Alipay denies supporting crypto trading via Peer

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Cc9f267dcArticle

Alipay Denies Crypto Trading Support After Peer’s USDC Beta Launch

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