Tether Launches New Stablecoin to Support Offshore Chinese Yuan (CNH)

Siamak Masnavi

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

Coinbase’s Visa Debit Card Adds Support for Stablecoin DAI

On Friday (December 6), Coinbase announced that Coinbase Card now supports stablecoin DAI, the native token of MakerDAO, Maker's decentralized autonomous orgnaization.

Here is how Coinbase announced the news:

The Coinbase Card was introduced on April 11, and at that time, it was only supported in the UK. The idea was to allow Coinbase's customers to easily spend any of the crypto balances in their Coinbase account to pay for goods/services anywhere that Visa is accepted or for making cash withdrawals from ATMs.

At launch, Coinbase Card supported the following four cryptoassets: Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).

Then, two months later, Coinbase announced that the Coinbase Card had been made available in six other European countries: Spain, Germany, France, Italy, Ireland, and the Netherlands.

Today's announcement comes roughly three weeks after Coinbase said (on 14 November 2019) that Coinbase Card had expanded to 10 additional countries -- Bulgaria, Croatia, Denmark, Hungary, Iceland, Liechtenstein, Norway, Poland, Romania, and Sweden -- and added support for five more cryptoassets (XRP, Basic Attention Token, Augur 0x, and Stellar).

Featured Image Courtesy of Coinbase