U currency exchange business is booming, mainland customers cash out and continue to spend in Hong Kong.
Hong Kong's virtual asset trading has gradually become regulated in recent years, coupled with improved supporting measures, attracting a large number of global investors to invest in and trade virtual assets. Since the beginning of this year, with the sharp rise in the prices of cryptocurrencies such as Bitcoin, a large number of mainland customers have come to purchase U currency (USDT, a virtual stablecoin pegged one-to-one with the US dollar) or exchange for cash, driving the continuous expansion of U currency exchange stores similar to foreign exchange exchange shops. Industry insiders estimate that there are currently 50 such stores across Hong Kong, spread across key areas.
The president of the Asian Blockchain Association, Cai Zhichuan, stated that currently, 80% of the customers at his exchange store, Crypto Panda, are mainland customers, with a daily trading volume of up to one million US dollars. Recently, after Shenzhen opened the 'one visa multiple entries' policy for citizens traveling to Hong Kong, the proportion of Shenzhen customers has increased to about 30%, nearly doubling compared to before.
