Tether Holdings, a subsidiary of Bitfinex and the company behind
the world’s most popular stable coin USDT, is going to print Yuan based stable coin soon. The new stable coin is called CNHT. Zhao Dong, a shareholder of the cryptocurrency exchange Bitfinex revealed in an interview that Tether plans to launch the Chinese Yuan backed Stablecoin – CNHT. Moreover, he also revealed that Tether plans to launch a new coin backed by commodities such as gold, rubber and crude oil. Tether created stable coin, USDT, is currently the biggest and the most popular stable coin. USDT has a current valuation of $4 billion. It is said that manipulation of USDT was the reason for Bitcoin’s 2017 all-time high price of $20,000. Zhao Dong runs his OTC business, Renrenbit, and he added that they will
support the newly minted CNHT.
“Personally, I think the offshore yuan stable coin could boost the circulation of the offshore renminbi and internationalize it. Regulators may be happy to see it proceed and succeed,” he said on Wechat.
When USDT was first launched in 2014, Bitfinex revealed that they would be launching three tokens in the future. USDT (Tether backed by USD), Euro backed stable coin, and Japanese Yen backed stable coin. But due to the popularity of USDT in China, Tether plans to launch CNHT first.
Fake CNHT’s in the Market
The news of Bitfinex releasing CNHT has attracted a lot of attention. Some scammers on various forums and groups have started selling “CNHT”. The scam begins by the person claiming they are from Bitfinex or Tether and are doing some airdrops. They send the ERC20 smart contract the users and give the user a 30% discount on early investment on CNHT. Currently, CNHT hasn’t been released and no release date has been given by Bitfinex or Tether. In fact, no official word regarding CNHT has been given by Bitfinex or Tether.
Article Produced By
Ishan is a cryptocurrency trader and a journalist. He is the founder of Blockmanity. He trades cryptocurrencies and holds some but he prefers holding USDT.
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