Tether launches Stablecoin backed by offshore Yuan
September 12, 2019
Tether launches Stablecoin backed by offshore Yuan
September 12, 2019

Tether has launched a Stablecoin backed by the Chinese Yuan. It will be run as an E2C-20 token on the Ethereum blockchain.

The announcement was made on September 9th that the new token known will be joined by other Stablecoins linked by US Dollars (USDT) and Euro (EURT).

Offshore Yuan

Chinese currency is backed by two kinds: offshore and onshore.

Offshore yuan is free to be traded on the foreign currency market, while onshore yuan has a tight eye by its Central bank.

The offshore yuan is therefore free from the tight policies of the Chinese financial system.

Reserves will be stored in a bank in Belgium according to Zhao Dong.

“Zhao Dong, a shareholder in Tether’s affiliate exchange Bitfinex, said he believed that a Stablecoin backed by offshore yuan could boost the circulation of the fiat currency.”

ALSO READ :  OKEx Decides to Delist Zcash and Dash

A smart contract address was released last Monday for CNHT. However further details were not provided.

Tether considers commodity

Tether plans to release a stablecoin backed by a basket of commodities such as gold, crude oil and rubber. Zhao Dong, a shareholder of sister firm and crypto exchange Bitfinex, said that the idea of issuing a coin pegged to commodities was being considered in order to mitigate the risks associated with keeping large amounts of reserve funds deposited in banks. Cointelegraph Report


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is a regular publication of information, analysis, and commentary focused primarily on blockchain technology and business, cryptocurrency, blockchain-based tokens, market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any security.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain and decentralized apps.
Share This

Share This

Share this post with your friends!