Tether, the company behind the largest stablecoin in market cap and trade volume USDT, has announced plans to launch an offshore Chinese Yuan (CNHT) on the Tron Blockchain. Once launched, the Bitfinex crypto exchange will be the first platform to enable CNHT deposits and withdrawals on the Tron blockchain.

‘We’re excited to bring CNH₮ to the Tron ecosystem,’ said Paolo Ardoino, CTO of Tether, in the company’s blog post. ‘At a time when the crypto market is experiencing immense turmoil, we believe that the best way forward is to keep building. Things are business as usual at Tether, and we hope our continued growth and expansion will inspire others to keep going as well.’

Tron’s founder and former CEO, Justin Sun, was also enthusiastic about the launch, Tweeting that CNHT on Tron was a ‘Big milestone for crypto and Asia community.’

Tron Becomes the Second Blockchain to Host CNHT

Unbeknownst to many is that CNHT was initially created in 2019 and only on the Ethereum blockchain. The stablecoin is also pegged to the value of the offshore Chinese Yuan (CNH). This, in turn, means that Tron is the second blockchain on which the offshore Chinese Yuan (CNHT) will be issued.

Tether Adds CNHT to its List of Existing Stablecoins

Furthermore, Tether issues and supports three other stablecoins: USDT, pegged to the US Dollar; EURT, pegged to the Euro; and MXNT, pegged to the Mexican Peso. Tether also issues and supports Tether Gold (XAUT), a digital asset pegged to the value of gold and backed by actual physical gold bars.

According to market capitalisation, each of the stablecoins and digital assets issued by Tether is further broken down as follows.

(By John P. Njui)