Tether ready to issue a new stablecoin anchored to the Chinese Yuan
Tether ready to issue a new stablecoin anchored to the Chinese Yuan
Stable Coin

Tether ready to issue a new stablecoin anchored to the Chinese Yuan

By Michele Porta - 21 Aug 2019

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Tether Limited, the company behind the stablecoin Tether (USDT) pegged to the US dollar, is planning to issue a new stablecoin pegged to the Chinese yuan called CNHT.

Although Tether has yet to make an official announcement, ChainNews says it has been informed by Bitfinex shareholder Zhao Dong that the new coin, called CNHT, will be launched shortly.

Zhao also revealed that the first investment in CNHT will come from the proprietary RenrenBit platform.

Tether’s expansion

Tether is part of the iFinex group, which also owns Bitfinex.

Tether has already launched its flagship stablecoins on several blockchains, including Bitcoin, Ethereum, EOS, TRON and Algorand.

If Tether confirms the rumour, CNHT will be the fourth stablecoin in the Tether Limited family. Currently, it has three stablecoins which are anchored to the Euro, Japanese Yen and USD respectively.

The stablecoin Tether has recently reached and exceeded $4 billion of capitalisation, ranking seventh on CoinMarketCap between Binance Coin and EOS.

A blow to the Chinese authorities

Dovey Wan, a famous Chinese fund manager, said on Twitter that the token could attract the anger of regulators, considering the plans declared by the Chinese government to launch their own national digital currency.

Cryptocurrencies, being unregulated financial tools, have long been frowned upon by the People’s Bank of China (PBoC), the country’s highest banking authority.

In the past, all financial institutions in the country have been required to suppress accounts involved in cryptocurrency trading.

Another severe setback for cryptocurrencies came when the Chinese government called for a complete ban on Bitcoin mining. The ban caused a mass migration of registered mining companies out of the country.

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