Copy link
Increase text size
Decrease text size
Link copied

Tether launches Chinese Yuan-pegged stablecoin 'CNHT' on the ethereum blockchain

Image Credit: www.blockmanity.com

Tue, 10 Sep 2019, 05:59 am UTC

Stablecoin firm Tether has released a new stablecoin pegged one-to-one to the offshore Chinese yuan (CNH).

Dubbed as CNHT, the new stablecoin is available as an ERC-20 token on the Ethereum blockchain, as per an announcement. The new currency joins Tether’s other stablecoins supported by the U.S. dollars (USDT) and euro (EURT).

Citing CNHT’s historical transaction, Coinformania noted that Tether has been working on the project since April. The news of the firm’s interest in Chinese Yuan was first revealed by Bitfinex shareholder Zhao Dong on Twitter, who promised in August that the coin would go live through his China-based crypto trading platform RenrenBit.

Bitfinex is the sister exchange of Tether. Their parent company, iFinex, is currently in a legal battle with the New York Office of the Attorney General (NYAG) for alleged fraud for allowing Tether to lend Bitfinex $850 million from its reserves.

In the latest update of their legal saga, the New York State Supreme Court ruled that it has jurisdiction to adjudicate the case between the NYAG and iFinex. As a result, the NYAG can continue with its investigations and demand the company to submit the documents requested by the agency.

The news also follows after the People’s Bank of China (PBoC) has reportedly organized a dedicated team to develop its digital currency in a closed-loop environment since early summer.

Reports revealed that a “closed-loop testing” has started for the central bank digital currency (CBDC) to simulate payments from commercial and non-governmental organizations. If no problems arise, China’s CBDC is scheduled to be launched earlier than Libra.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,880.64 (-0.45%)
  • Ethereum (ETH) $169.74 (-0.73%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $371.84 (+7.69%)
  • Bitcoin SV (BSV) $263.64 (-16.62%)
  • Bitcoin (BTC) $8,880.64 (-0.45%)
Jan 17, 2020 (Friday)
13:42
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:42
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:50
Crypto dealer SFOX announces new service for investors and wealth managers
11:10
Binance in talks with TaoTao and Z Corporation for strategic partnerships in Japan
10:09
Crypto Technicals: NEO/USD set to scale new highs, 200-DMA breakout confirms bullish trend
10:08
Crypto exchange Gemini launches own insurance company "Nakamoto"
09:29
eToro, Radar and OKCoin join Coinbase-led Crypto Rating Council
08:55
Huobi joins Blockchain Turkey Platform (BCTR)
08:21
U.S. authorities urged to investigate crypto use in funding domestic terrorism and extremism
07:38
Calibra, Anchorage, Bison Trails executives elected to Libra’s new technical steering committee
07:01
Crypto Technicals: LTC/USD bounces off 5-DMA support, eyes next major hurdle at 200-DMA (65.43)
07:01
U.S. lawmakers seek tax exemption for crypto transactions under $200
06:19
Former CFTC Chair launches Digital Dollar Project in partnership with Accenture
05:56
Crypto Technicals: ETH/USD resumes upside after brief pause, eyes 23.6% Fib at 174.83
04:46
Uzbekistan to launch national mining pool and licensed cryptocurrency exchange
04:27
Crypto Technicals: BTC/USD extends sideways below 200-DMA, bias bullish
04:21
Garanti BBVA conducts real-time blockchain transfers using Takasbank's BiGA Platform
Jan 16, 2020 (Thursday)
13:51
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:51
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:21
Litecoin Foundation, BlockFi partner to bring more liquidity to users
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft