It’s Official: Tether Launches Yuan-Backed Stablecoin

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  Alex Dovbnya

  Mon, 09/09/2019 - 16:40

  📰 News

  Tether makes a bold move by officially launching its yuan-pegged stablecoin that might appear in the crosshairs of Chinese regulators      

Stablecoin issuer Tether has officially announced the launch of the CNHt stablecoin, which is pegged to the offshore Chinese yuan. The new coin will only be available on the Ethereum Blockchain as an ERC20 token.

Offshore Chinese yuan (CNH) added to our basket of supported currencies, new stablecoin CNHt now available!

CNHt is pegged to CNH and is available on the Ethereum blockchain as an ERC-20 token. https://t.co/MEWUw171ky pic.twitter.com/R7lN7ADPFb

— Tether (@Tether_to) September 9, 2019

As reported by U.Today, China’s financial regulators might be at odds with Tether’s yuan-pegged version. Moreover, there might not enough demand for CNHt.

Meanwhile, Tether CTO Paolo Ardoino celebrates the expansion of the controversial stablecoin.