Today, the USDT quote is 6.94. This wave of decline has come both rapidly and sharply.

Some say it’s related to the troubles of a certain Southeast Asian payment giant—the platform once dubbed the “Alipay of Cambodia” completely shut down on December 1.

At the headquarters building on Phnom Penh’s Sihanouk Boulevard, a “Withdrawal Suspension Notice” is posted on the glass doors. Hundreds of people are waiting outside, their faces gloomier than the weather. This once-glorious financial platform has suddenly gone silent.

The story goes back to last October. The U.S. Department of Justice took major action, directly announcing the seizure of $15 billion in crypto assets from a certain group. This group was not only the platform’s top client, but more like the hub of the entire underground capital flow.

Immediately afterward, Tether, in cooperation with OFAC, froze a batch of addresses. Those USDTs that used to circulate in the gray zone became nothing but numbers on a ledger overnight—completely immobile.

No matter how shrewd the operation or how fast the asset transfer, it all seems powerless in the face of cross-border law enforcement.

With this platform’s collapse, more than just one company was affected. Countless OTC traders, fund intermediaries, and ordinary account holders all got caught up in it.

This is not just a simple corporate blowup; it feels more like the end of a certain “barbaric growth” model.

A business legend propped up by the gray zone has thus come to an end.