Central Bank and Stablecoins: The Exchange Rate Defense Battle Behind $500 Million USDT

【BlockBeats】Research by a blockchain investigation agency has revealed an interesting phenomenon—last year, a certain country’s central bank acquired over $500 million worth of USDT stablecoins through crypto channels. More notably, these USDT have been fully transferred out of the related wallets.

Why would the central bank do this? The research suggests a straightforward answer: using stablecoins to support the domestic fiat currency’s price.

According to the investigation, this transaction was carried out by an entity called Modex. From the channel setup, Modex appears more like a broker specializing in government-level crypto transactions—willing to engage with official departments and familiar with administrative procurement rules.

What does this reflect? Traditional central banks are quietly embracing crypto tools. Stablecoins are no longer just settlement tools between trading counterparts but have become financial weapons that participants use directly to stabilize exchange rates and hedge risks. When the pressure on fiat currency devaluation is high, holding dollar-pegged stablecoins to maintain purchasing power—this logic is essentially the same as central banks hoarding foreign exchange reserves, only transforming the foreign exchange reserves into on-chain assets.

The market implication is: the demand for mainstream stablecoins like USDT is expanding, not just among retail and institutional investors, but also at the official level. This indicates that the liquidity and usage depth of stablecoins are far more complex than surface data suggests.