Tether is a tool for transferring millions of rubles from the Russian Federation to the PRC

There are many Chinese entrepreneurs in Russia who send their earned rubles home using the Tether cryptocurrency. Thus, the volume of purchases of the USDT token per day is about 10-30 million dollars.
 

Why Tether?

Chinese businessmen living and doing business in Russia require a fast and reliable method to transfer profits. The Tether cryptocurrency is an excellent opportunity for conducting such transactions, and most importantly, all actions are performed promptly and securely, without extra fees. According to sources, about $ 3 million passes through OTC trading platforms every day, with only 20% falling on the first coin (Bitcoin).

The choice in favor of such an asset, according to analysts, is explained by the fears of the Chinese, which are caused by the strong volatility of cryptocurrencies in the market. The stablecoin Tether is popular in that it is characterized by several significant differences from other coins, and has a number of advantages. This is what attracts entrepreneurs from the PRC. Among the main factors are:

    The minimum degree of volatility, since the token is pegged to the dollar and its rate.
    There are no limits on transfers.
    Ease of actions to perform transactions. The Chinese can easily exchange Tether for fiat money in China.

Some people believe that the popularity of the asset in certain circles can attract White House employees to cryptocurrency. This is due to the results of the trade war between the two countries, and the USDT is able to be subject to US pressure.

Analysts are confident that the state itself contributed to the choice of the token for making transfers to the PRC. In 2017, the Chinese government tightened rules by imposing strict capital controls. This is due to restrictions on the amount of foreign exchange that entrepreneurs and other people can buy or sell over a specific time frame. As of 07/30/19, Tether coin ranks 7th in terms of capitalization, based on the source - CoinMarketCap.
 

Conducting transactions

Cryptocurrency market experts argue that all financial transactions where the exchange of rubles for cryptocurrency is used are often carried out in the offices of firms that conduct OTC transactions. Many companies providing the opportunity to use these services are located in the Moscow City area. The client simply gives fiat money and indicates the address to send the coin transfer to the wallet.

The transaction itself is created based on a normal arrangement. The client indicates the cash amount in rubles for the transfer, after which the rate is agreed and the transaction is carried out. Earlier there was information in the media about the shadow turnover, where the main market was occupied by China in the amount of 600 billion rubles.
 

Efficiency is key

The stablecoin Tether remains a very popular coin in the crypto industry, despite many controversies and scandalous news. In addition, we cannot talk about complete transparency of the token. However, businessmen and blockchain users point out that USDT is attractive only due to its high efficiency.

Traders who carry out transactions outside of crypto-exchanges point out that the volumes per day are more than offers in circulation, the indicator is several times higher. This indicates that entrepreneurs use 1 coin several times a day.