Tether to Launch Stablecoin Pegged to Chinese Yuan

Controversial crypto platform Tether is planning on launching a Chinese Yuan-pegged stablecoin, according to reports in China today.

Tether’s Fourth Stablecoin

The stablecoin, which will be known as CNHT, will be the fourth stablecoin in Tether’s portfolio after ones backed to the US dollar (USDT), Euro (EURT) and the Japanese Yen (JPYT). The company’s plans were revealed by Zhao Dong, a shareholder in Bitfinex, which shares the same senior personnel as Tether, via Chinese social media platform WeChat. Dong also said that his peer-to-peer crypto lending company, RenrenBit, will support trading and deposits of CNHT. It …