#稳定币市场发展 Recently, the USDT negative premium has been trending everywhere, and many friends are asking me whether they should convert their USD stablecoins back to RMB. To be honest, I think this choice isn't that simple.

The RMB appreciation actually has economic logic behind it—attracting foreign investment, boosting consumption, and easing trade frictions. But rapid appreciation itself is also caused by short-term supply and demand imbalances—year-end foreign exchange settlement demands and tightening policy attitudes—these factors have created the current negative premium. The key point is, this situation won't last too long.

If you rush to exchange currency, you might end up buying at a high point. My advice is, unless your stablecoin proportion is particularly high, it's better to keep a certain ratio. There are three reasons: First, waiting for the negative premium to naturally revert will cost less; second, the opportunity cost of RMB assets isn't high right now—government bond yields are falling, and the stock market is just undergoing valuation recovery; third, the US-China tariff game is far from over, and the sustainability of RMB appreciation is uncertain.

Instead of worrying about whether to exchange or not, it's better to think about hedging. The Euro stablecoin EURC is worth paying attention to—since Sino-European trade settlements are mainly in euros, the RMB to euro exchange rate fluctuations will be more moderate. Converting some USD into EURC and earning interest on platforms like AAVE, with an annual rate of 3.87%, not only hedges exchange rate risk but also helps to steadily appreciate.

Maintaining flexible asset allocation space is the smartest choice in this era full of uncertainties.