How much are the USDT in your hand worth now? The OTC price has already dropped to 6.95 today.

Who could have imagined six months ago that those who shorted the RMB at 7.4 would be completely liquidated now? Offshore RMB has surged all the way to 7.06, hitting a new high for the year. You thought you were safe being crypto-denominated? Once you convert to fiat, your purchasing power has quietly evaporated by quite a bit.

This round of RMB rebound came in strong. It's not just the central bank propping it up—there’s real money buying in. The closing price is moving up along with the central parity rate, a result of the market voting with its feet. There are three main forces behind it: the US Dollar Index has entered a downward channel, so the RMB is rising with the tide; the A-share market broke through 4,000 points, setting a ten-year record and triggering a rush of foreign capital inflows; and there’s strong demand from companies to settle foreign exchange, which has completely reversed exchange rate expectations.

Here’s the question: Are stablecoins still stable?

Many people treat USDT as a safe haven, but don’t realize it’s pegged to the US dollar. With the RMB in a long-term strengthening trend, holding on to USDT means you’re willingly taking a loss from USD depreciation. What’s even riskier is that regulators have been taking frequent actions—stablecoins are now under foreign exchange monitoring, OTC premiums have inverted, and liquidity is starting to tighten.

Smart money has already been reallocating—turning to on-chain tokenized real assets like US stocks and gold. This not only hedges against volatility in traditional financial markets but also avoids the risk of a single fiat currency depreciating. In a bear market, everyone talks about “asset allocation,” but effective allocation isn’t about hoarding more altcoins—it’s about breaking free from the crypto-only mindset.

Don’t wait until USDT drops below 6.8 to wake up. Once an exchange rate trend is established, it takes time to reverse. There’s still time to adjust your portfolio—have you made a move yet?