USDT, the stablecoin issued by Tether, is reportedly experiencing the impacts of Chinese investors suddenly returning to their nation’s stock market.

According to a new report by Bloomberg, USDT has at times traded below the value of the US dollar since the end of September.

Stablecoins are usually pegged to the dollar or other assets at a 1:1 ratio.

According to Dessislava Aubert, a senior research analyst at blockchain data firm Kaiko, the stablecoin discount coincided with China’s central bank implementing several easing measures in an effort to alleviate a worsening economic outlook that sent stocks surging upward.

Says Livio Weng, chief executive officer of Hong Kong-based crypto exchange Hashkey,

“If the traders are rushing to exchange back into fiat currency, it can be inferred that they are panic buying Chinese stocks.”

Aubert suggests the slight USDT discount is indicative of a higher demand for dollars than the stablecoin.

Despite a ban on crypto trading by China, those living in the mainland continue to use overseas accounts and exchanges to buy and sell digital currencies. Using exchange data to determine if Chinese investors alone are responsible for the majority of USDT selling is difficult, according to the report.

However, Binance’s peer-to-peer trading shows Chinese yuan sellers are offering to convert the top stablecoin in the range of 6.78-6.98 per yuan. Meanwhile, the yuan trades at 7.07 per dollar when exchanged at the traditional currency market.

The Shanghai Composite Index soared 21% between September 23rd to September 30th.