Tether 的 USDT 穩定幣在中國的交易價格打折，顯示對股票的需求

儘管中國在 2021 年禁止加密貨幣交易，但許多內地居民繼續使用海外帳戶和交易所買賣數位貨幣

China may have banned crypto trading in 2021, but many mainland residents have continued to use overseas accounts and exchanges to buy and sell digital currencies, in part to avoid capital controls and move assets offshore.

中國可能在 2021 年禁止加密貨幣交易，但許多大陸居民繼續使用海外帳戶和交易所買賣數位貨幣，部分原因是為了避免資本管制並將資產轉移到海外。

Now, as easing measures by the central bank send stock prices soaring, data points to traders shifting資金回流 from stablecoins like Tether into the dollar — and ultimately, Chinese equities.

現在，隨著央行的寬鬆措施導致股價飆升，數據顯示交易員將資金回流從 Tether 等穩定幣轉移到美元，並最終轉移到中國股市。

Tether’s USDT stablecoin, the world’s most used cryptocurrency, has been trading at a discount at times relative to the dollar since the end of September, according to Dessislava Aubert, senior research analyst at blockchain data firm Kaiko. The emergence of the discount coincided with a series of easing measures by China’s central bank, designed to stem a worsening economic outlook that sent stock prices soaring.

區塊鏈數據公司 Kaiko 的高級研究分析師 Dessislava Aubert 表示，Tether 的 USDT 穩定幣是世界上最常用的加密貨幣，自 9 月底以來，其交易價格相對於美元有時會打折。折扣的出現恰逢中國央行採取一系列寬鬆措施，旨在遏制經濟前景惡化導致股價飆升。

Stablecoins are cryptocurrencies whose value is usually pegged 1-to-1 to assets such as the dollar. They’re used to conduct transactions and as a refuge from the often volatile price swings seen in tokens such as Bitcoin.

穩定幣是一種加密貨幣，其價值通常與美元等資產一比一掛鉤。它們用於進行交易，並作為避免比特幣等代幣價格波動的避難所。

“If the traders are rushing to exchange back into fiat currency, it can be inferred that they are panic buying Chinese stocks,” said Livio Weng, chief executive officer of Hong Kong-based crypto exchange Hashkey.

香港加密貨幣交易所 Hashkey 首席執行官 Livio Weng 表示：“如果交易員急於兌換成法定貨幣，則可以推斷他們正在恐慌性購買中國股票。”

The absence of USDT/Chinese yuan trading pairs on crypto exchanges because of the ban, has made the dollar the de facto barometer for measuring activity, Kaiko’s Aubert said. The slight discount suggests more demand for dollars and selling of Tethers.

Kaiko 的奧伯特表示，由於禁令，加密貨幣交易所上沒有 USDT/人民幣交易對，這使得美元成為衡量活動的事實上的晴雨表。小幅折扣表明對美元的需求增加以及 Tether 的拋售。

While it’s difficult to measure on exchanges how much of the USDT selling pressure has come from Chinese investors, other platforms present a clearer picture. Binance’s peer-to-peer marketplace shows that Chinese yuan merchants are giving over-the-counter price quotes in the range of 6.78-6.98 per yuan for USDT, while the offshore yuan trades at 7.07 per dollar in the traditional currency market.

雖然很難在交易所衡量 USDT 拋售壓力有多少來自中國投資者，但其他平台提供了更清晰的情況。幣安的點對點市場顯示，中國人民幣商家對 USDT 的場外報價在每美元 6.78-6.98 美元之間，而傳統貨幣市場上的離岸人民幣交易價格為每美元 7.07 美元。

“We can see the correlation there with demand to trade onshore A shares,” said Annabelle Huang, managing partner at digital-asset investment firm Amber Group in Singapore. Some brokerage firms were even open during China’s recent Golden Week holidays to “onboard new customers,” she said.

新加坡數位資產投資公司 Amber Group 的執行合夥人 Annabelle Huang 表示：“我們可以看到這與境內 A 股交易需求之間的相關性。”她說，一些經紀公司甚至在中國最近的黃金周假期期間向「新客戶開放」。

The demand isn’t just being driven by retail investors, according to Laura Vidiella del Blanco, the New York-based head of business development and strategy at crypto hedge fund MNNC Group. Some of the firm’s institutional investors are shifting allocations to Chinese stocks.

加密貨幣對沖基金 MNNC Group 駐紐約的業務開發和策略主管 Laura Vidiella del Blanco 表示，這種需求不僅僅是由散戶投資者推動的。該公司的一些機構投資者正在將配置轉向中國股票。

The Shanghai Composite Index jumped 21% from Sept 23 to Sept 30, the day before China’s market closed for the holiday.

9月23日至30日，也就是中國股市假期休市的前一天，上證綜指上漲了21%。

“These are mostly allocators in Asia who are familiar with the market, and have multiple strategies besides digital assets,” Vidiella del Blanco said.

Vidiella del Blanco 表示：“這些人大多是亞洲的配置者，他們熟悉市場，除了數位資產之外，還有多種策略。”

Hand Seng strongly outperforming Bitcoin, funny how many people believe Chinese stocks are speculative — yet it’s now outperforming arguably the most speculative asset — Bitcoin.

漢森的表現遠遠超過了比特幣，有趣的是，有多少人認為中國股票具有投機性，但它現在的表現卻超過了可以說是最具投機性的資產——比特幣。

Blockchain intelligence firm Chainalysis Inc estimates show that China’s over-the-counter brokers are attracting “unprecedented” inflows this year, a sign of the strong demand from Chinese investors on cryptocurrencies despite the ongoing ban.

區塊鏈情報公司 Chainaanalysis Inc 估計顯示，中國的場外經紀商今年正在吸引「前所未有」的資金流入，這表明儘管禁令仍在繼續，但中國投資者對加密貨幣的需求仍然強勁。

“First time people wish the national holiday is shorter perhaps, pretty incredible move,” Amber’s Huang said.

「人們第一次希望國慶假期短一點，這可能是相當不可思議的舉動，」Amber 的黃說。