Tether Adds Offshore Chinese Yuan to Its Stablecoin Offering – China Crypto Surge Coming?
Tether, the company behind the largest stablecoin USDT, has expanded its offerings to include offshore Chinese Yuan (CNH₮) stablecoin on the Tron blockchain. The move will enable Chinese customers to send and receive payments in the stablecoin with fewer fees compared to the Ethereum blockchain.
In a Tuesday announcement, Tether announced that they are adding CNH₮, a stablecoin pegged to offshore Chinese yuan (CNH), to the Tron blockchain.
Launched in 2019, CNH₮ was initially available only on the Ethereum blockchain as an ERC-20 token. CNH₮ is one of four stablecoins that Tether supports including stablecoins pegged to the U.S. Dollar (USD₮), Euro (EUR₮), and Peso (MXN₮).
“We’re excited to bring CNH₮ to the Tron ecosystem,” said Paolo Ardoino, CTO of Tether. “At a time when the crypto market is experiencing immense turmoil, we believe that the best way forward is to keep building."
Tron Founder Justin Sun also addressed the launch of CNH₮ on Tron, calling it a "Big milestone for crypto and Asia community."
Tether's CNH₮ is currently not tracked by some of the biggest price-tracking websites for cryptoassets, including CoinMarketCap and CoinStats.
However, according to data by CoinGecko, 1 CNH₮ token is currently trading at $0.143427, which is ostensibly well pegged to the price of Chinese Yuan. Furthermore, the token has a market cap of $2,940,750 with a 24-hour trading volume of just over $2,000.
While Tether claims the launch of "CNH₮ on TRON represents the company's dedication to pioneering stablecoin technology and bringing the largest and most liquid stablecoins to global markets everywhere," it remains to be seen if there will be much demand for the stablecoin.
Meanwhile, cryptocurrency exchange Bitfinex has
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