Tether, the issuer of USDT, the most used dollar-indexed stablecoin in the crypto market; USDT, EURT, of MXNT subsequently launched its fourth stablecoin currency.
Tether, Chinese Yuan backed new stablecoin CNHT announced his name. The company continues to move fiat currencies to the blockchain environment by increasing the diversity of stablecoins.
According to the statement of the stablecoin issuer, the yuan-backed CNHT will be backed one-on-one by the nominal Chinese Yuan. The yuan reserve will be managed by Capital Union, one of Tether’s largest Bahamian-based partners. Capital Union will also be personally responsible for the reserve audit.
Tether officials pointed out the advantages of the yuan-backed stablecoin. Thanks to CNHT, people will be able to send Chinese Yuan to every corner of the world cheaply and quickly.
For traditional finance, there are huge costs when it comes to transferring fiat money through international channels. The officials stressed that the CNHT stablecoin complies with Chinese regulations.
Tether’s new stablecoin, CNHT, was first launched Tron (TRX) being released on the network. The digital yuan is already listed on exchanges like OKEx and Huobi. Crypto experts predict that with the yuan-backed stablecoin, a more comfortable trade network can be created through China.
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