Tether Issuing Stablecoin Tied to Offshore Chinese Yuan

Asia Blockchain Review
September 19, 2019

Cryptocurrency creator Tether, known for producing tokens pegged to major currencies, is issuing a stablecoin backed by China’s yuan.

According to CoinDesk, the CNH₮ coin will be tied to offshore yuan and could help increase the utilization of fiat currency.

Tether Stablecoin Tied to Yuan and Powered by Ethereum Blockchain

The addition of offshore Chinese Yuan by Tether and its introduction of CNH₮ was announced in a short blog post on its official website. 

In the post, the group wrote, “We are pleased to announce the addition of offshore Chinese yuan (CNH) to our basket of supported currencies, and the launch of a new stablecoin, CNH₮.”

“CNH represents a further expansion of Tether’s capabilities in facilitating the digital use of traditional currencies, such as US dollar (USDT) and euro (EURT),” Tether said, referencing its existing stablecoins. 

While collateralized to China’s yuan, the stablecoin will be an ERC-20 token run on the Ethereum blockchain network. The blog post ended with an invitation to interested exchanges looking to feature the coin along with a link to additional information.

Stablecoin Could Increase Circulation of Yuan

Stablecoins are a digital relative to stable assets, sharing their resistance to volatility and offering similar benefits in terms of usage based on predictable values. 

The CoinDesk article noted that Zhao Dong, over-the-counter (OTC) trader and shareholder in Tether affiliate exchange Bitfinex, had earlier voiced the belief that a stablecoin pegged to the yuan would help increase its circulation beyond China.  

The trader indicated further support for a coin such as CNH₮, telling CoinDesk that his company Renrenbit would support a stablecoin tied to the yuan. 

Source: www.coindesk.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Expert Insights On The Asian Crypto Market
    Trescon hosted its first virtual edition of the popular World Blockchain Summit (WBS) series on Thur...

    August 11, 2020

    Digix Partners with Axie Infinity In Gaming
    The world’s first asset-backed digital gold token, Digix has partnered with Axie Infinity on a digit...

    August 11, 2020

    Distributed Ledger in Education: UCSI Explores
    Asia Blockchain Review had the opportunity to chat with the director of ICSDI at UCSI on the whole d...

    August 11, 2020

    Mainstreaming Of Cryptocurrency Investments? An Exploration
    While the security and the regulation is well chronicled. The big question that needs to be answered...

    August 10, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us