Altcoin News: Tether Launches CNH₮ Stablecoin

September 10, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Tether released the Chinese yuan-backed CNH₮ stablecoin. The new ERC-20 standard token is pegged to CNH, and will initially be available only on the Ethereum blockchain as an ERC-20 token.

“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 announcement said.

Tether’s plans to launch a stablecoin linked to the RMB became known at the end of last month. Then over-the-counter trader and cryptocurrency billionaire Zhao Dong said that CNH₮ would help Tether become less dependent on the US dollar.

On Monday, Tether published a smart contract address for CNH₮ but did not provide any additional information about the new stablecoin. It is not yet clear which exchanges will add the token to the listing and where the RMB that will provide stablecoin will be stored.

In addition, in early September, it became known that Tether plans to launch a stablecoin with the provision of commodities.

Author: Marko Vidrih