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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.
