Isn’t this something that happened years ago? China used to be the world’s largest crypto trading market and controlled over half of Bitcoin’s total hash rate. If the government hadn’t cracked down, USDT probably wouldn’t be the dominant stablecoin today. That said, having one country control such a large portion of the hash rate might have raised concerns about Bitcoin’s security anyway.

Also worth noting: what’s actually banned is the exchange between crypto and fiat. That’s something most people tend to overlook.