Tether announces CNH₮ Stablecoin backed by Offshore Chinese Yuan

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Tether announces CNH₮ Stablecoin backed by Offshore Chinese Yuan

Tether recently announced the launch of CNH₮ stablecoin. The official announcement was made at Tehter.io website.

This development brings the addition of offshore Chinese yuan (CNH) to tether supported currencies.

Each CNH₮ stablecoin is pegged to CNH. The CNH₮ stablecoin is made available as an ERC-20 token on Ethereum blockchain network.

Tether in their official announcement said, "CNH represents a further expansion of Tether’s capabilities in facilitating the digital use of traditional currencies, such as US dollar (USDT) and euro (EURT)."

The company also shared a smart contract address at Ethereum blockchain. The smart contract lists the total supply of 20,000,000 CNH₮.

With this announcement, Tether now supports US Dollars (USD) - USD₮, Euros (EUR) - EUR₮ and offshore Chinese yuan (CNH) - CNH₮.

Subsequently, cryptocurrency and digital asset exchange, Bitfinex has announced the Bitcoin to Tether CNH (BTC/CNHt), Tether USD to Tether CNH (USDt/CNHt) and offshore Chinese yuan to Tether CNH (CNH/CNHt) trading pairs.

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Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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