The U price has been inverted for a while now. The USD to RMB exchange rate is 7.03, but USDT is at 6.85, a 2.5% discount. From a supply and demand perspective: In the past, everyone was super FOMO, rushing into the crypto space as soon as they got their paycheck, so the U price was higher than the exchange rate. Recently, the market has been dull, with more people cashing out, so the U price has dropped. From a regulatory perspective: China has recently tightened C2C regulations, making it easier to freeze accounts, and this risk is reflected in the discount on U. But isn’t USDT pegged to USD? Can anyone actually pull off arbitrage between U - CNY - USD?