One of the largest stablecoin issuers, the TrueUSD (TUSD) team has launched a new one-to-one indexed to the Offshore Chinese Yuan. cryptocurrency announced the launch of the unit. TrueUSD named its new Yuan-indexed stablecoin TCNH.
stablecoin The issuer has announced that it will use the Tron blockchain network to enable users to trade stablecoins quickly, securely and at less cost by utilizing up-to-date blockchain technology.
Many restrictions are placed on the Chinese Yuan as China adopts a partially closed economic model compared to other countries.
Financial actors face various inquiries if they try to export large amounts of Chinese Yuan. That’s why stablecoin issuer TrueUSD, Yuan stablecoin TCNH will be based on off-shore currency.
TCNH, like other stablecoins, will have a reliable and open structure. TrueUSD, despite being an independent issuer, has its assets audited by the world’s largest accounting firms.
Annabel Gan, marketing manager of TrueUSD, said the following for TCNH:
“Financial centers like Hong Kong are starting to play an important role for digital currencies as well. Therefore, we want to increase our stablecoin diversification with new products.”
TrueUSD was not the first company to issue the Chinese Yuan-indexed stablecoin. Stablecoin giant Tether announced the Yuan-indexed CHNT on December 6.
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