Recently, the price of USDT dropped below 6.9, at one point reaching 6.88. Keep in mind that the current USD exchange rate is 1 to 7.07. What does this mean? Stablecoins are trading at a negative premium.

Negative premium sounds technical, but simply put, it means the price of USDT is lower than the actual exchange rate. In the past, USDT usually had a bit of a premium due to demand. But this time, it's the opposite—too many people are selling, buyers are on the sidelines, and with so much selling pressure, the price can't hold up.

This afternoon, someone in the group raised a pointed question: "Why are all the OTC USDT dealers running away now?" One member even shared call logs, saying they received a call from the criminal investigation department after making a transaction on a major exchange. This caused an uproar in the group, with all kinds of theories flying around.

In the short term, things are indeed tough for friends doing OTC. When market sentiment gets tense, liquidity becomes a major issue.