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Tether

Tether to issue new stablecoin ‘CNHT’, pegged to offshore Chinese yuan

August 21, 2019, 7:52AM EDT

Stablecoin issuer Tether is going to issue a new stablecoin, dubbed “CNHT,” pegged to offshore Chinese yuan (CNH).

Zhao Dong, a shareholder of Tether’s sister company Bitfinex, told ChainNews on Wednesday that CNHT will be launched “in the near future.”

Dong further told the news source that his cryptocurrency lending platform RenrenBit will be the first one to invest in the upcoming stablecoin.

CHNT will be the fourth stablecoin to Tether’s basket, in addition to three existing stablecoins pegged to the U.S. dollar (USDT), euro (EURT) and the Japanese yen (JPYT). JPYT, however, does not appear to have launched yet.

Back in May, crypto-friendly investment platform eToro also launched a yuan-backed stablecoin called "CNYX," but that is pegged to onshore yuan (CNY).

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