Recently, the crypto community has been discussing an issue—the stability of stablecoin prices is becoming less stable.

The USDT to RMB quote on a certain exchange platform has fallen below 6.82, compared to 7.4 six months ago, a decrease of nearly 10%. Even more concerning is that this price is already 3 percentage points below the official exchange rate. Some investors in the community lament: "The U in my hands has quietly evaporated."

The underlying reason for this phenomenon is not complicated. The price movement of USDT is influenced by two forces—fluctuations in the USD to RMB exchange rate and the internal supply and demand dynamics within the crypto market. When a large number of holders sell USDT en masse and RMB capital flows out, it creates a so-called "negative premium" situation.

From a trading perspective, now is indeed a good time to enter. The same amount of RMB can buy more crypto assets than last year. But for those holding USDT and waiting for a rebound, this is a quiet shrinkage of their account assets in the market's cold wind. The depreciation of the dollar combined with selling pressure within the crypto space has made stablecoins the most unstable ones.

What does this phenomenon usually indicate? Market sentiment has clearly cooled down. Large investors are reducing their holdings, retail investors are watching cautiously, and the entire ecosystem is digesting negative expectations. Industry insiders with years of experience suggest that this may be a sign that the bear market is truly arriving.