Tether today announced the launch of its CNHT cryptocurrency, a stablecoin that will be pegged to the offshore Chinese yuan (CNH). The launch was confirmed in an announcement posted on the company’s website on Monday.
Tether also confirmed that it has added CNH to its “basket of supported currencies,” in what the company described as an “expansion of Tether’s capabilities in facilitating the digital use of traditional currencies, such as US dollar (USDT) and euro (EURT).”
The new stablecoin will be available on the Ethereum blockchain as an ERC-20 token.
The launch of CNHT comes just weeks after Bitfinex shareholder Zhao Dong discussed the project on WeChat, noting that he expected the coin to be introduced soon. At the time, Zhao said that his RenrenBit platform planned to add support for CNHT deposits and trading once Tether completed the coin’s launch.