Tether has launched CNHT stablecoin pegged to offshore Chinese Yuan


Tether has launched its offshare Chinese Yuan-pegged stablecoin, dubbed CNHT, the firm announced Monday. 

Offshore Yuan refers to Yuan traded outside of Mainland China.  In August, Zhao Dong, a shareholder of Bitfinex, told a Chinese media outlet that the CNHT would be launched “in the near future.”

CNHT is available on the Ethereum blockchain as an ERC-20 token and it is the fourth stablecoin that Tether supports. The firm supports stablecoins pegged to the U.S. Dollar (USDT), Euro (EURT), and Yen (JPYT). JPYT, however, does not appear to have launched yet.

A Chinese market observer tells The Block that, due to China's strict capital controls, a product like CNHT will draw more attention from Chinese regulators, which may negatively impact the Chinese crypto community.

After the official launch of CNHT, Bitfinex has now rolled out three trading pairs - bitcoin (BTC)/CNHT, Tether (USDT)/CNHT and offshore Chinese yuan (CNH)/CNHt. Bitfinex said it has also enabled deposits and withdrawals for CNHT.

This post was updated Tuesday to include Bitfinex's trading pairs announcement. 

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May 5, 2022, 3:17PM UTC