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《Bitrace: The Endgame of Huìwàng and the New-Coin Monopoly Era》
With the collapse of the Huìwàng/Tudou-backed guarantee system, new-coin guarantees (Xinbi) have taken over the related traffic, achieving near 100% dominance in the crypto guarantee market. Data shows that since the end of 2025, USDT inflows related to Tudou have fallen off a cliff. Xinbi’s monthly inflows once exceeded 1.2 billion USDT, and by March 2026 the market share had already inched close to a monopoly. However, the UK government imposed sanctions on it in March, and the market believes it will still face regulatory pressure in the future.
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