Of all the things you anticipate doing during the holidays, being scammed probably isn't one of them. However, it turns out the season for cheer presents the perfect conditions for fraudsters to pounce. According to the FBI, there's a whole category of scams that revolve around online shopping during the holidays. And that’s not too surprising; consumers tend to overlook red flags and make their most costly mistakes when they're hurried or stressed out. Unfortunately, scammers know that the holidays are t ...

Core Viewpoint - The article discusses the limited adoption of stablecoins in Yiwu's cross-border trade, despite claims of significant on-chain circulation. It highlights the reliance on traditional payment methods and the skepticism surrounding the reported figures. Group 1: Stablecoin Adoption in Yiwu - Reports suggest that stablecoin transactions in Yiwu have exceeded $10 billion since 2023, but the data's reliability is questioned due to the lack of verifiable sources from Chainalysis [1][3] - Many Yiwu traders and exporters express unfamiliarity with stablecoins, preferring traditional payment methods like telegraphic transfers and letters of credit [1][2][4] - The actual cross-border payment volume through the Yiwu Pay platform is approximately 5.65 billion yuan (around $780 million), indicating that stablecoin usage is still marginal [4] Group 2: Challenges and Limitations of Stablecoins - Stablecoins are perceived as potentially lowering transaction costs and increasing payment speed, but their practical benefits may be overstated [6][7] - The total costs associated with stablecoin transactions can approach 0.8% to 1%, factoring in various fees and compliance costs, which diminishes their appeal [7] - Key barriers to stablecoin adoption include the lack of export tax benefits, the need for formal banking documentation for loans, and concerns over account freezes due to fund movements [7][8] Group 3: Traditional Payment Methods - The primary payment methods in Yiwu's foreign trade remain telegraphic transfers and letters of credit, which are favored for their reliability and established processes [9][10] - Many exporters maintain offshore bank accounts to manage currency exchange flexibly, further indicating a preference for traditional methods over stablecoins [10][11] - Despite the push for stablecoin adoption in Western markets, most transactions still occur in USD, with limited use of stablecoins among clients [11]

Core Viewpoint - The company has confirmed that it is not currently involved in any stablecoin-related business and continues to rely on traditional methods such as wire transfers and letters of credit for its export business [1] Group 1 - The company stated on June 18 that it does not engage in stablecoin-related activities [1] - The primary settlement methods for the company's export business remain wire transfers and letters of credit [1]