Guarantee market power transition: Huiwang's final chapter and the era of monopoly for new currencies

Written by: Bitrace

In 2026, the cryptocurrency guarantee market (Guarantee Markets) underwent a “decentralized cleansing” so significant that it will be recorded in the annals of industry history.

With the collapse under multiple pressures of the representatives of the old industry order—Huione/Tudou—this vast empire that carried hidden streams of global transaction liquidity completed an absolute transfer of power within just a few months.

Latest data shows that Xinbi Guarantee not only took over Tudou’s “legacy,” but also achieved nearly 100% traffic harvesting in the guarantee market through an ecosystem closed loop.

Guarantee Platforms: The “Nasdaq” of the Grey-Black Industry

In the global grey-black transaction zones, guarantee platforms have long surpassed the simple definition of “funds intermediary.” They are the financial infrastructure of the shadow world, providing credit endorsement for various informal cross-border settlements, virtual goods trading, and complex services—and they are closely intertwined with Southeast Asian telecom fraud gangs.

The currencies used for transactions on guarantee platforms mainly rely on USDT, and the core business model depends on “Public Groups”:

Modular business: Each public group is a vertical business unit, covering the entire industrial chain—from technical penetration, to money-laundering channels, to physical smuggling.

Credit leasing: The platform side charges public groups high “entry fees” and “deposits” to lend out its own credit brand.

Traffic aggregation: Acting as a super entry point, the platform directs massive retail traffic into selected public groups, forming a highly centralized “underground exchange.”

Massive traffic migration: Tudou goes to zero, while Xinbi “vampiric” takes over

Through a penetrating analysis of USDT monthly inflow data from 2021 to 2026, we can clearly see two key shifts in the market landscape.

Figure 1: Monthly USDT Inflow Trend Chart of Guarantee Platforms

1. Secret inheritance from Huione to Tudou

In the first half of the chart (2022–2024), the red area represents the former dominant Huione guarantee. As compliance pressure increased, traffic began to shift to Tudou guarantees (the red extension part in the chart). This operation, jokingly dubbed “Filthy Soil Rebirth” by people in the industry, preserved the customer base in the short term, but also planted the seeds for subsequent systemic risks.

2. Tudou collapses, and Xinbi achieves “full takeover”

Entering the end of 2025 through the beginning of 2026, the red zone (Tudou) shows a cliff-like drop to zero. The grey area representing Xinbi grows exponentially at the same time, with the monthly average inflow peak breaking 1.2 billion USDT.

As of March 2026, Xinbi Guarantee has already reached an absolute monopoly-level market share in this niche segment, and the survival space for other smaller guarantee providers (the blue portions in the chart) has been compressed to less than 2%.

Business blueprint: Ecological hegemony of Xinbi public groups

If the traffic chart shows the scale, then the Xinbi public group business group chart shows the depth.

Figure 2: Business Group Chart of Public Groups Within the Xinbi Ecosystem

Judging from the public group channels disclosed by Xinbi, its business distribution has been refined to an almost outrageous degree. It is no longer just a simple funds guarantee, but a modular underground services ecosystem. According to the latest business distribution chart (Figure 2), Xinbi breaks its business down into 11 major categories, covering every link of the illegal industrial chain:

Upstream traffic routing and setup: provides platform setup, bot development, and even server and domain services.

Midstream customer acquisition and execution: includes SMS/script-driven traffic, door-to-door street-poster stickers, and even high-level technical services such as AI face swapping and ID loans.

Downstream settlement and money laundering/switching: in addition to regular U acceptance, it also specifically opens “white-asset public groups” and “card merchant services” to handle the final step of fund inflow and outflow.

Figure 3: Business Distribution Chart of Xinbi Public Groups

After Bitrace built monitoring for more than 5,000 Xinbi public groups, it mapped address-and-public-group intelligence profiles. The highly complex business architecture of these entities is astonishing. The main merchant types—including “code-to-U,” “card-to-U,” “card merchants,” and “acceptance”—show Xinbi Guarantee’s emphasis in money-laundering.

The “nuclear deterrence” of infrastructure: the birth of SafeW

When Tudou still relied on third-party communication tools like Telegram, Xinbi had already begun privatizing its infrastructure. This is Xinbi’s moat launched in 2025—SafeW.

What is SafeW? SafeW is a highly secure instant messaging application launched by Xinbi, supporting all platforms (iOS, Android, Windows, Linux). On the surface, it is a Telegram-like encrypted communication tool, but behind it is Xinbi’s ambition to evade risks.

Figure 4: SafeW official webpage, emphasizing simple use, safety, and private deployment

Avoiding TG risk control: In response to Telegram’s increasingly strict account ban and group shutdown policies, SafeW serves as a “shelter” for public group owners and high-value customers.

Traffic “closure”: Through the “SafeW Million Benefits Plan” and targeted traffic tilting, Xinbi attempts to strip its most profitable guarantee business away from Telegram and move it into a SafeW ecosystem that it fully controls, fully encrypts, and cannot be penetrated by outsiders.

Downstream attachment/guarantee business planning: Xinbi’s announcement clearly states that SafeW public groups and dedicated groups are officially and fully open. This means Xinbi is building a “walled environment for in-platform trading + self-developed communications + private settlement.”

Although Xinbi’s official side is strongly pushing the app through the “Million Benefits Plan,” traffic statistics show that the orange segment—thin as it is—indicates an extremely low market conversion rate, which can only be described as “bleak.” The specific details can be found earlier in our company’s previous text.

Endgame reflection: Is it the “Xinbi era,” or the prelude to the next “Filthy Soil Rebirth”?

Looking back at the 2026 point in time, Xinbi Guarantee’s current “in full glory” status is more like a footnote to a cycle that repeats across several years.

From Huione to Tudou, and now to Xinbi, the power transitions in this secretive industry follow a cruel yet precise destiny curve—

Glory and spotlight. Huione was once the financial pillar of Southeast Asia; Tudou was once regarded as an invincible rising star. Each time a new dominant player completed harvesting the market, it believed it had already built an unbreakable fortress. Xinbi currently commands monthly average flows of hundreds of millions of US dollars and is trying to use SafeW to build a “dual iron curtain” of communications and finance—this expansion scale does exceed that of its predecessors and reaches the peak of industry history.

The return of “gravity.” History tells us that on this track, the larger the flow, the heavier the cause and effect. Huione’s downfall came from sustained penetration by cross-border regulation, while Tudou’s collapse began with an internal explosion of the credit system. As Xinbi absorbs every bit of traffic lost by Tudou, it also inherits, in full, the “original sins” behind that traffic.

Variations under sanctions. On March 26, 2026, the UK government issued the world’s first formal sanctions against Xinbi Guarantee. This means that Xinbi, the new “big boss/leader” in the guarantee industry, has entered the spotlight of global regulation and has been elevated to a financial threat that sovereign nations consider must be eliminated.

Figure 5: Screenshot of the UK government website announcement announcing sanctions against Xinbi Guarantee dated March 26

Will Xinbi have a future?

Xinbi’s current monthly average flow of 1 billion US dollars is both a badge of its monopoly position and a coordinate that points regulators toward precise targeting. If history continues to repeat, Xinbi may, like its predecessors, look for another outer shell when pressure reaches a critical point to undergo yet another “Filthy Soil Rebirth.”

But unlike before, 2026’s RegTech is no longer comparable to that of the past. As on-chain analysis technologies become more transparent and global judicial cooperation becomes normalized, the cost of staying hidden is increasing by geometric multiples.

When Xinbi tries to do business inside the “black box” through SafeW, it also turns itself into an island flashing red on radar charts.

Bitrace reminds: This article is for objective industry analysis and fact disclosure only and does not constitute any business guidance. Cryptocurrency guarantee platforms often involve high-risk activities and difficult cross-border compliance issues. All users and practitioners should consciously comply with the laws and regulations in their respective locations and stay away from illegal transaction activities.