July 20, according to China Times, the People's Court of Pudong New District in Shanghai recently announced a case of using stablecoins for illegal cross-border exchange of foreign currencies. Yang, Xu and others manipulated domestic shell company accounts and provided stable currency services to customers to realize cross-border transfer of funds. Within three years, the amount of illegally bought and sold foreign exchange reached 6.5 billion yuan. The criminal gang uses USDT as a medium and uses cross-border "knock-on" methods to provide illegal exchange services to customers. Domestic customers pay RMB to designated accounts, and overseas gangs simultaneously transfer foreign exchange from overseas accounts to customers 'overseas accounts, usually charging a handling fee ranging from 1% to 3%.