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

Tether • August 21, 2019, 7:52AM EDT
UPDATED: August 21, 2019, 8:41AM EDT
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Stablecoin issuer Tether is going to issue a new stablecoin, dubbed “CNHT,” pegged to offshore Chinese yuan (CNH).

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 profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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