The significant discount of USDT on Binance is rare in the past, indicating that many people are selling USDT to buy CNY. But few people discuss this matter on Twitter. I am not sure about the specific trading volume of Binance P2P USDT/CNY, but if you have a clear understanding, please feel free to leave a comment in the comment section. However, I think it is not small because clicking on the first page of bulk trading has tens of millions of CNY pending orders. In the context of cracking down on virtual currency trading and foreign exchange controls in mainland China, the Binance app can log in and trade without having to climb over the wall. Moreover, the P2P network has been running smoothly for so many years, which is amazing. However, this is not the focus of today's discussion. Let's first rule out several possibilities, It is said that due to the recent market downturn, U holders are no longer optimistic about the cryptocurrency market, so they withdrew their funds. This is unlikely because Tether has previously announced that the proportion of U used for crypto trading is already very low, within 30% if I remember correctly. Moreover, in the past, whenever the market fell sharply, U would actually be at a premium because off exchange funds had to buy at the bottom. Secondly, due to the decline in the US dollar exchange rate, people are unwilling to hold U, which is partly due to this, but I don't think it's the main reason. Because most people who hold U are either speculators who don't care about exchange rate fluctuations and have to bear risks such as black money and frozen cards, or engaged in trade, they hold U to avoid taxes and won't exchange it for fiat currency. When you eliminate all impossible factors, whatever remains, no matter how incredible, is always the truth. Most likely, there are indeed many foreign investors entering China through virtual currencies. They definitely didn't come in for charity. In the eyes of foreigners, the highest quality assets in China at present are probably the stocks of listed companies in the hard technology industry, which are much undervalued compared to the US stock market. In the past few years, the China Securities Regulatory Commission has been very unhappy with the approval of road permits, restricting these companies to only be listed on the A-share market. If you want to invest in them, you can only use CNY. After all, there is only one Manus, and more Manus are on the Sci Tech Innovation Board. So, should we look at Big A in 2026?