Tether released a new stablecoin named CNHT that is backed by offshore yuan and entered in the list of other three stablecoins backed by USD, EUR, and JPYT respectively. It will be available on Ethereum Blockchain as ERC-2O.
Offshore Yuan-based Stablecoin
There are two currencies that are officially working in China. One is offshore yuan that can be used easily for trading on global currency markets and is totally filtered from the regulatory policies of the government.
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The other one is called onshore yuan that is under the full control of the central bank of China and its monetary policies. According to the official announcement, this new token called CNHT will be list as an ERC-20 token on the Ethereum Blockchain.
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).
Adoption of CNH
This news does not come as a surprise because the gossip about it are already spreading in the crypto community. Zhao Dong, Chief Executive Officer at RenrenBit and a top shareholder of Tether’s affiliate trading platform Bitfinex claimed that the stablecoin backed by offshore yuan will also boom the markets of fiat currency.
He further added that CNH will also make its position more strong for international settlements services:
CNHT will not interfere with PBOC [People’s Bank of China} capital control policy because CNH is different than CNY, as it’s already an offshore product. On the contrary, CNHT will help China to expand the adoption of CNH for international settlements.
Dong claimed that this newly launched token will be list on his firm. However, there is no official statement released on the part of the Tether Foundation regarding its availability on exchanges.