（原标题：The Chinese Factor Behind Southeast Asia's USD184 Billion E-Commerce Boom丨CBN x ASEAN Watch） Stephanie: Hello everyone, I'm Stephanie Li. Today's episode dives into how Chinese enterprises are reshaping Southeast Asia's e-commerce landscape. Joining me is our ASEAN correspondent Sharon Hu, whose on-the-ground reporting brings fresh insights. Sharon, let's start with those staggering growth numbers you mentioned earlier. Sharon: Absolutely, Stephanie. A report released by DBS Group of Singapore and Cube ...

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]