Tether has plans to introduce a new stablecoin that would be pegged to the value of China’s yuan currency, according to an article published by Chinese media outlet Chain News. The plans for the ‘CNHT’ stablecoin were reportedly confirmed by Bitfinex shareholder Zhao Dong, who suggested that his RenrenBit digital asset management platform will be among the first to back the new venture.
Zhao also discussed the Tether plans on WeChat, CoinDesk reported today. In those comments, he suggested that RenrenBit plans to support CNHT deposits and trades after Tether launches the coin, and predicted that the stablecoin could help to ‘internationalize’ China’s fiat currency:
“Personally, I think the offshore yuan stablecoin could boost the circulation of offshore renminbi and internationalize it. Regulators may be happy to see it proceed and succeed.”
He also told Coindesk that he expects the stablecoin to be introduced soon, “possibly even weeks,” and suggested that the pegged currency reserves would be secured in a Belgian bank.
Tether has not yet responded to media requests for comment.