Tether may issue CNHT stablecoin, the price of which will be tied to the RMB. This was announced by Zhao Dong, who is the founder of DGroup and a major investor in the Bitfinex exchange.
Breaking
According to @ zhaodong1982 Tether gonna issue CNHT, a $ CNH peg stable coin …
???
Chinese regulator can be easily pissed by this hope it won't burn Tether … pic.twitter.com/gAWEYOPMVU
– Dovey Wan ? ? (@DoveyWan) August 21, 2019
At the same time, the company is allegedly not going to change its banking partner to implement the initiative. They will remain Bahamian Deltec Bank .
Primitive Ventures managing partner Dovi Wang believes that there is no demand for such a product in China, as local traders already use USDT. At the same time, the motives of Tether are not entirely clear, because an undertaking can provoke a conflict with Chinese regulators.
A few thoughts here please chime in
1. I don't see enough demand for CNHT and alike, as local Chinese will still trade $ USDT with CNY, if it's CNH it will be the same as USD
2. Not sure what's the material upside of having CNHT for Tether, plus pissing of Chinese regulator
– Dovey Wan ? ? (@DoveyWan) August 21, 2019
Recall that back in 2016, Tether released a stablecoin tied to the euro.
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