USDT has dropped below 7 RMB, but ETH has quietly surged 10%—when you enter the crypto space, are you fixated on the fiat exchange rate, or should you be watching the price movements of crypto assets themselves?

This round of stablecoin exchange rate breaking below 7 is not a random fluctuation. Behind it are two forces clashing head-on:

**First: US dollar liquidity is about to loosen**
Trump’s pick for the new Fed chair, Hassett, is well known in the market for his dovish stance. Now, the probability of a rate cut in December has soared to 89%. Once the dollar weakens, the RMB will naturally strengthen, and the pressure on USDT is just the first step.

**Second: Domestic regulation is getting serious**
The central bank has made it clear—stablecoins are considered virtual currencies, and activities like money laundering and underground exchange are under strict scrutiny. Many are rushing to sell USDT to lay low, causing a sudden surge in market supply and inevitably driving prices down.

But what’s really interesting is: **Why is USDT dropping while crypto prices are rising?**

Rate cuts mean global capital becomes cheaper, and traditional funds begin testing the waters in the crypto market. At the same time, cracking down on grey markets actually makes market expectations healthier. This combination of “USDT under pressure + major coins strengthening” is exactly the classic signal before every bull market kicks off.

Newbies are panicking about “USDT crashing,” while veterans are already accumulating coins at the bottom—waiting for the exchange rate to rebound for easy arbitrage.

Do you think this is just a short-term correction, or the prelude to a trend reversal?