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Tether has announced that it will launch another stablecoin: the "CNHT extension", currency anchored in the Chinese Yuan. Let's find out the details!
Tether will launch the new CNHT stablecoin
Tether, the most important and controversial distributor of stablecoins, recently announced its intention to launch a new stablecoin: "CNHT", an asset anchored directly to the Chinese offshore Yuan (CNH).
Compared to other stablecoins, Tether USDT boasts a reputation and a truly unique spread on the net: it includes blockchains like Omni, Ether, Tron and eOS networks on which USDT operates.
Recently it has reached and exceeded the 4 billion dollar capitalization quota.
In addition, the 'CNHT' will be the fourth stablecoin launched by the Tether platform, in addition to three other stablecoins anchored to the following fiat currencies: US dollar (USDT), Euro (EURT) and Japanese yen (JPYT).
The news was made official Zhang Dong, one of the shareholders of Tether - Bitfinex 's affiliate exchange platform.
He also shared that his platform RenrenBit will be the first to invest in stablecoin.
Terminological distinction CNY and CNH
During 2018, the Stablecoins benefited from a net increase in funding thanks to the support of key players such as Huobi, StableUSD, Monerium, Stronghold, TokenX, Celo, TerraX, Paxos.
Also the Social Trading platform eToro recently launched an onshore stablecoin hooked to the yuan with the ticker "CNYX extension". The launch took place on the exchange platform eToroX.
From this it is well understood that it is necessary to make a terminological distinction: the onshore Yuan (CNY) operates under the control and jurisdiction of the People's Bank of China, while the offshore Yuan (CNH) is not regulated and is traded on the currency markets.
Legal disputes over the Tether
Although it is well known for producing the first stablecoin - USDT in 2014, iFinex, Tether's parent company has undergone numerous legal disputes over time.
Not long ago, the Attorney General's New York Office (Nyag) filed a complaint against the owners of the Bitfinex Exchange.
The case was brought before the New York Supreme Court. iFinex has been accused of misappropriation of public funds.
Will CNHT attract the wrath of Chinese regulators?
Dovey Wan, a famous Chinese fund manager, said that the token could outrage regulatory bodies, first of all the People's Bank of China (PBoC), the highest banking authority in the country.
The Chinese government itself has revealed that it wants to launch its own national digital currency and pushes for an absolute ban on the Bitcoin mining.
