Alipay Denies Crypto Trading Support Amid USDC Yuan Transactions Controversy
Alipay has distanced itself from crypto trading after a peer platform launched USDC transactions using Alipay for yuan payments.
Alipay has distanced itself from crypto trading after a peer platform launched USDC transactions using Alipay for yuan payments. USDC (USDC) is trading at ₹95.25 ($0.9995). This is an original Token Times brief synthesising 2 outlets (Blockonomi, Crypto.news), plus live market data, as of Thu, 29 Oct 2026 12:15:02 UTC.
This development highlights the ongoing tension between China's strict crypto regulations and emerging attempts to facilitate crypto transactions using mainstream financial infrastructure. It also underscores the challenges of enforcing crypto bans in the face of innovative workarounds.
- Alipay denies authorizing crypto trading through third-party platforms.
- Peer platform facilitated 107 USDC trades worth ~$7,094 since August 21.
- China maintains strict ban on crypto trading despite workarounds.
- USDC market cap remains at $71.2B amid the controversy.
Both Blockonomi and Crypto.news report that Alipay has denied authorizing crypto trading through third-party platforms, with Crypto.news emphasizing the scrutiny this has brought on China's crypto regulations. Blockonomi provides specific details about the USDC trading service, including the 107 trades worth approximately $7,094 conducted by 45 buyers since August 21, while Crypto.news focuses on the broader regulatory implications. The outlets agree that the peer platform has clarified it has no formal partnership with Alipay, despite using its payment system for transactions.
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- Alipay Denies Crypto Trading Support Amid USDC Yuan Transactions Controversy — this brief
Alipay has issued a statement denying any involvement in or authorization of cryptocurrency trading through third-party platforms. This statement comes after a peer platform launched a beta service allowing users to trade 
USDC with Chinese yuan using Alipay for payment processing.
According to reports, the peer platform facilitated 107 USDC trades worth approximately $7,094 from 45 buyers since August 21. However, the platform has clarified that it does not have a formal partnership with Alipay, despite utilizing its payment system for the transactions.
The development has prompted fresh scrutiny of China's strict regulations on cryptocurrency trading. While the Chinese government maintains a firm stance against crypto trading, innovative workarounds continue to emerge, testing the enforcement of these regulations.
The USDC circulating supply currently stands at $71.34 billion, according to DeFiLlama, with the coin's market cap at $71.2 billion as of the latest data. The 24-hour price movement of USDC shows a slight increase of 0.01%, while the broader crypto market remains down.
The situation underscores the challenges of enforcing crypto bans in the face of persistent attempts to facilitate crypto transactions using mainstream financial infrastructure. It remains to be seen how Chinese authorities will respond to these developments and whether they will implement additional measures to strengthen their regulatory stance.
Since this brief published about 2 hours ago, USDC (USDC) has moved from ₹95.25$0.9995 to ₹95.25$0.9995 — -0.00%.
The chart plots USDC's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from Token Times's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 USDC ≈ ₹103.2 (about $0.9995), up 0.0% over 24 hours. The rupee itself trades about 8.3% above the official rate on the P2P market, so a Indian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · October 29, 2026.
Token Times reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Alipay Denies Crypto Trading Support Amid USDC Yuan Transact — questions & answers
What did Alipay say about crypto trading?
Alipay denied authorizing crypto trading through third-party platforms.
How many USDC trades were facilitated by the peer platform?
The peer platform facilitated 107 USDC trades worth ~$7,094 since August 21.
What is the current USDC market cap?
The USDC market cap is $71.2 billion.
How much is 1 USDC worth in rupee today?
About ₹103.2 at the live peer-to-peer (P2P) USDT rate, which is what Indians typically trade at — equivalent to roughly $0.9995. The rupee price moves with both USDC's US-dollar price and the USDT/INR rate; use our USDC in rupee page for any amount.
Which outlets reported this story?
This is an original Token Times brief that synthesises reporting from Blockonomi, Crypto.news, with the key figures cross-checked for agreement across them. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original Token Times brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.