Recently, many people have been discussing the premium issue of USDT, especially when they see stablecoins trading at a negative premium. A lot of folks are quite confused—can you really lose money when buying stablecoins? This needs to be viewed within a specific time frame.

During this time of year, many companies engaged in international trade face a common problem: how to convert USD into RMB. At the end of the year, this currency exchange demand often surges because companies need to settle their accounts for the entire year. But here’s the problem: onshore RMB exchange quotas are actually limited, and bank channels often don’t have enough allocation.

At this point, some small and medium-sized business owners and cross-border operators look for alternative solutions. Using stablecoins like USDT directly for transactions seems like a good option—after all, on-chain transfers are fast, low-cost, and don’t require waiting in bank queues. However, in practice, they may find that the market price of USDT is below 1 USD, resulting in what’s called a negative premium.

Why does this happen? The core logic is simple: an imbalance between supply and demand. A large amount of USD wants to be converted into stablecoins, but there aren’t enough buyers, so the price naturally drops. For those who genuinely need USD, holding USDT at this time is like holding a discounted check—somewhat frustrating.

So what’s the solution? There’s no special trick; it mainly depends on your needs. If you need to settle USD in the short term, you have to accept this discount. If you’re not in a hurry, wait until after the New Year when trade normalizes, and the USDT price will likely return to a normal level. The key is to understand the market logic behind this situation and avoid blindly chasing or bottom-fishing.