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COINOTAG reported on October 11 that following a severe Black Swan event, the off-exchange (OTC) buy price of USDT on Binance reached 7.45 RMB, while the corresponding sell quote rose to 7.21 RMB; the prevailing USD to CNY exchange rate was 1:7.11.
Those OTC quotations imply an OTC premium versus onshore currency parity of approximately 4.8% on the buy side and about 1.4% on the sell side, indicating a tangible divergence in price discovery and liquidity conditions within the local stablecoin market.
Market participants should monitor quoted spreads, on-chain flows and depth metrics reported by COINOTAG, as the observed divergence may influence arbitrage opportunities, counterparty exposure and short-term stablecoin pricing dynamics.
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