Tether launches a stablecoin pegged to the offshore Chinese Yuan (CNHT)
Tether who created other stablecoins such as the USDT, JPYT and EURT have now made a new stablecoin that is pegged to the CNHT.
This is a great idea at the moment as cryptocurrencies are taking off like wildfire in China. It is hard to say how this will work with the new cryptocurrency that is being produced by the Chinese government but there is time to see how it will work out.
It is not out at the moment but it is said to be released in the near future. CNHT is available on the Ethereum blockchain as an ERC-20 token. CNHT is the fourth stablecoin that Tether supports, according to Block.
A Chinese market analyst has noted, due that China's strict capital controls, a product like CNHT will draw more attention from Chinese regulators, which may hinder impact the Chinese crypto community.
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
