The Hong Kong company, Tether, has announced the release of a new stablecoin, known as CNH₮, linked to China’s official currency, the Chinese Yuan (CNH). Tether launches stablecoin CNH₮ pegged to offshore Chinese Yuan.
The company announced that it had been successful in adding the Offshore Chinese yuan (CNH) to its basket.
“CNH₮ is pegged to CNH and is available on the Ethereum blockchain as an ERC-20 token,” the company tweet stated.
The company blog said:
“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).”
CNH₮ would be released as an ERC-20 token atop the Ethereum blockchain, like the famous stablecoin, USDT, supported by the US dollar.
Tether has four fiat-bonded tokens to its name – USD (USDT), Euro (EURT), Japanese yen (JPYT) and the Chinese Yuan (CNH₮). The JPYT remains yet to launch.
Tether launches stable coin CNH₮ pegged to offshore Chinese Yuan. The Chinese official currency unit is Yuan. One can trade Offshore Yuan on foreign currency markets freely. Whereas, the Chinese Central Bank, the People’s Bank of China, tightly control onshore Yuan trading.
China is also nearing the launch of its official Digital Currency (CBDC), supported by its Central Bank.
Recent reports from well- known sources say that the digital Yuan looks a lot like Facebook’s scheduled Libra.