On Monday (September 9), fiat-collateralized stablecoin issuer Tether announced that it has launched a new stablecoin called CNHT.
China's national currency is the Renminbi (RMB), which is also known as the Chinese Yuan (abbreviated CNY or CNH depending on whether it is traded onshore or offshore).
Tether published the following 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, CNH₮.
"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₮ is pegged to CNH, and will initially be available only on the Ethereum blockchain as an ERC-20 token.
"Contract address: https://etherscan.io/token/0x6e109e9dd7fa1a58bc3eff667e8e41fc3cc"
The crypto community first found out about Tether's plans to launch CNHT back on August 21 when Dong Zhao, an over-the-counter (OTC) trader in China and an investor in Bitfinex, made the revelation on WeChat.
Zhao told Coindesk back then that he expected CNHT to be "launched very soon, possibly within weeks.”
He also told Coindesk that this move would make "Tether less dependent on the U.S. dollar for its stablecoin business while boosting the circulation of renminbi held offshore."
Featured Image Courtesy of Tether