Tether launches new stablecoin

Posted 10 September, 2019

Tether announced the launch of a new stablecoin supported by RMB. The coin was named CNHT and has already become available on several cryptocurrency exchanges paired with the dollar and bitcoin.

"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," indicated in the message Tether.

Experts note that the emergence of a stable coin with the support of the yuan could adversely affect the popularity of the future token from the People's Bank of China. The latter will have a centralized structure, because of which it will find application only in external state calculations. Private investors and asset holders committed to full decentralization will not take that risk.

The announcement of the coin from Tether took place about a month ago. Then the People’s Bank of China announced its stablecoin. At the moment, representatives of the regulator of China have not commented on the release of a competitive product from Tether.

In addition, as it became known, Tether in the near future also plans to launch the stablecoin JPYT, pegged to the Japanese national currency.

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