U-price inversion has lasted for a while, the USD to RMB exchange rate is 7.03, but USDT is at 6.85, a 2.5% discount.

From the supply and demand perspective: in the past, everyone was very FOMO, after getting paid they rushed into the crypto market, and the U-price was higher than the exchange rate; recently, the market has been dull, more people are withdrawing funds, and the U-price has fallen.

From a regulatory perspective: recently, China has strengthened C2C regulation, making it easier to freeze accounts, and the risk is reflected in the U discount.

But isn't USDT pegged to USD? Has anyone been able to arbitrage through U - CNY - USD?$BTC