Tether, a stablecoin firm has introduced a new stablecoin on the Ethereum blockchain and it is secured with the Chinese Yuan (CNH) (offshore). The company announced the news of Monday and the stablecoin is named as CNHT. The stablecoin will be soon released on the blockchain of the under the standards of ERC-20.
Offshore Chinese yuan (CNH) added to our basket of supported currencies, new stablecoin CNHt now available!
— Tether (@Tether_to) September 9, 2019
Tether also released a brief introduction stating,
“CNH represents a further expansion of Tether’s capabilities in facilitating the digital use of traditional currencies, such as US dollar (USDT) and euro (EURT).” The statement further states, “CNHT is pegged to CNH, and will initially be available only on the Ethereum blockchain as an ERC-20 token.”
The national currency of China is Renminbi (RMB), it is also known by the name of Chinese Yuan (abb. CNY or CNH and it depends on the trading onshore or offshore). Tether also published a statement on its website:
“We are pleased to announce the addition of offshore Chinese Yuan (CNH) to our basket of supported currencies, and the launch of a new stablecoin, CNHT.”
-They published this statement with the previous ones.
The news of Tether launching CNHT was revealed by the Over-the-counter or OTC trader, Doing Zhao who is also an investor in Bitfinex. He revealed the launch on WeChat on 21st August. An analyst of the Chinese market has also noticed that because of the strict capital operation of China, a stablecoin product like CNHT will gain a lot of attention from regulators of China and may interrupt the Chinese crypto community.
The good point of the offshore backed Chinese yuan is that it can be easily traded in foreign currency markets as the onshore yuan is strictly controlled by the government. On the other hand, Tether is also planning to introduce more stable coin which is secured by the numbers of objects including crude oil, rubber and gold.