Tether has released a stablecoin linked to offshore renminbi (CNH).
Offshore Chinese yuan (CNH) added to our basket of supported currencies, new stablecoin CNHt now available!
CNHt is pegged to CNH and is available on the Ethereum blockchain as an ERC-20 token. https://t.co/MEWUw171ky pic.twitter.com/R7lN7ADPFb
– Tether (@Tether_to) September 9, 2019
“Offshore Chinese yuan has been added to the set of supported currencies, there is already a new stablecoin CNH ₮! It is tied to CNH and is available on the Ethereum blockchain as an ERC-20 standard token. ”
Earlier, Bitfinex investor Zhao Dong expressed the opinion that the launch of CNH ₮ should not provoke a conflict with the central bank of the Celestial Empire.
“CNHT will not be an obstacle to the control over capital flows by the People's Bank of China. CNH is different from CNY because it is already an offshore product. On the contrary, CNHT will help China expand the implementation of CNH in international settlements , ”said the investor.
However, according to Primitive Ventures managing partner Dovi Wang, there may not be enough demand for CNH ₮ in China, as local traders are quite actively using Tether's tokenized USDT dollar.
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