Chinese investors use USDT to bypass $50K FX cap for tokenized SpaceX and OpenAI pre-IPO bets
FT •
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Promote with Leviathan NewsChinese investors are buying USDT with renminbi on offshore platforms, then using it to access tokenized products tied to private US tech names like SpaceX and OpenAI. The workaround sits outside Beijing’s crypto ban and $50,000 annual FX cap, with FT reporting that Bitget’s SpaceX-linked preSPAX drew 14,435 investors and that many came from China. The ugly part is enforceability: some products are synthetic, others claim SPV backing, and OpenAI and Anthropic have warned that unauthorized tokenized contracts or share transfers may carry no real economic rights.
TLDR by @Benthic
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