Tether to issue new stablecoin ‘CNHT’, pegged to offshore Chinese yuan

Stablecoin issuer Tether is going to issue a new stablecoin, dubbed “CNHT,” pegged to offshore Chinese yuan (CNH).


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Zhao Dong, a shareholder of Tether’s sister company Bitfinex, told ChainNews on Wednesday that CNHT will be launched “in the near future.”

Dong further told the news source that his cryptocurrency lending platform RenrenBit will be the first one to invest in the upcoming stablecoin.

CHNT will be the fourth stablecoin to Tether’s basket, in addition to three existing stablecoins pegged to the U.S. dollar (USDT), euro (EURT) and the Japanese yen (JPYT). JPYT, however, does not appear to have launched yet.

Back in May, crypto-friendly investment platform eToro also launched a yuan-backed stablecoin called "CNYX," but that is pegged to onshore yuan (CNY).

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.