#美SEC促进加密资产创新监管框架 $XRP $BNB

Recently, the USDT to RMB exchange rate dropped below 7, causing a stir in the crypto community.

Many people's first reaction: Is the stablecoin no longer stable? In reality, there are two underlying factors at play.

First, let's look at the first factor—the shift in US monetary policy. Trump plans to have Hassett replace the current Fed chair, and the market immediately sensed the possibility of a rate cut. Now, traders are betting there's almost a 90% chance of a rate cut in December, with another 50 basis points of cuts possible next year. Once the dollar weakens, the RMB appreciates passively, and breaking the 7 mark might just be the beginning.

Next, the second factor—the cross-border stablecoin channel has recently come under scrutiny. Regulators are cracking down hard on illegal currency exchange and capital transfers using USDT. Many holders, aiming to avoid risks, have chosen to sell, which has suddenly increased the supply of USDT in the market and naturally pushed the exchange rate down.

Here's where the contradiction arises: USDT is dropping, but cryptocurrency prices are rising?

The logic is actually clear. Once the expectation of dollar depreciation is established, global capital needs a new safe haven, and crypto assets become an ideal choice. While regulatory crackdowns cause short-term volatility, in the long run, they pave the way for compliant capital to enter the market. Looking back, before every bull market, stablecoin exchange rates always face brief pressure—this is often a signal of market sentiment reversal.

Newcomers may panic: Even stablecoins can't be trusted now?
Veterans are doing the math: Exchange in at 7.0, wait until it returns to 7.5, then exchange out and pocket a 10% profit.

Some have already started taking action.