Tether launches CNH₮ stablecoin pegged to offshore yuan on the TRON network

Tether has released on the TRON blockchain a CNH₮ stablecoin pegged to the offshore Chinese yuan.

#Tether Launches Offshore Chinese Yuan (CNH₮) on #Tron

Read More: https://t.co/0lsOICZPP9 pic.twitter.com/ejlUKGojzi

— Tether (@Tether_to) December 6, 2022

“At launch, Bitfinex will become the first exchange to enable users to deposit and withdraw CNH₮ from the platform using the TRON transport layer,” the company representatives said.

According to information on Tether’s website, there are 20.5 million CNH₮ in circulation as of writing. About 4.5 million more yuan-based stablecoins are being prepared for release.

The company began issuing CNH₮ of the ERC-20 standard in September 2019. At the time, some experts warned that the launch of the asset could provoke a clash with the central bank of China.

Earlier in November, the largest stablecoin USDT deviated from the $1 peg by 3%, CTO Paolo Ardoino said the incident was a glitch and urged the community not to panic.

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