Tether Launches Offshore Yuan Stablecoin on the Ethereum Blockchain

Marco Verch / Flickr

Tether, the company behind the controversial stablecoin USDT, announced this week that it has added a new currency to its growing list of ERC-20 token offerings.

According to a recent blog post, Tether has launched a new coin pegged to the offshore Chinese yuan with the symbol CNHT.

This is the third stablecoin minted by Tether with CNHT joining dollar (USDT) and euro (EURT) options. The contract for the new yuan stablecoin can be viewed here. Tether has yet to provide specific details on the custody plans for the yuan.

This development will likely support adoption among Chinese investors looking for more convenient onramps into the digital currency market.

More: Tether Now Supports Offshore Chinese Yuan (CNH), Launches CNH₮ Stablecoin
Interesting: Bloomberg Report: Yuan-Bitcoin Correlation Hits Record Divergence
Photo: Marco Verch / Flickr

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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