#数字货币市场洞察 recently noticed a risky operation: triangular arbitrage using stablecoin exchange rate differences across regions.

The OTC price of USDT in Mainland China has been dropping continuously, while the Hong Kong market basically remains pegged to the US dollar. Some people have spotted this window—buying at low prices in the mainland and then selling through Hong Kong bank cards, with a theoretical profit margin of up to 2%. Sounds tempting, right?

Think back to the Eastern European conflict a few years ago; when the ruble's exchange rate plummeted, some people played a similar game. What happened? Many lost big. Stablecoin operations are indeed more covert and technically easier, but don’t forget the current regulatory environment. Simply holding stablecoins can draw attention, let alone such obvious cross-border fund transfers.

There’s definitely an arbitrage opportunity, but the cost might be more than you can bear. Market opportunities will always exist, but you only have one shot at freedom.