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Tether set to launch CNH-pegged stablecoin; Renrenbit to be the first investor

Mark Prestwood



Source: Pixabay

The contentious stablecoin operator, Tether, is all set to issue a new stablecoin, CNHT, pegged to CNH, offshore Chinese Yuan Renminbi. The news was confirmed by Zhao Dong of DGroup, who spoke to ChainNews on August 21. RenrenBit, the digital asset management platform of Bitfinex shareholder, Zhao Dong, will be the first firm to invest in and back CNHT.

Primitive Ventures’ Dovey Wan gave her own thoughts on the news, tweeting,

According to Wan, CNHT might see low demand as local Chinese crypto-traders would still trade Tether [USDT] with CNY [which is the currency symbol traded onshore, the Chinese mainland], rather than CNH [currency symbol traded outside of China] and are unlikely to change their trading behavior. This would be similar to trading in USD.

Despite the fact that the Chinese government has cut cryptocurrencies some slack recently, Wan is of the opinion that the upcoming stablecoin rollout might “trigger their nerve again.”

Mark is a full-time member of the Editorial team of AMBCrypto. With his five-year experience as a business editor for one of the largest dailies in the US, Mark brings sanity and order to our editorial team. Mark is a business major and loves building automotive parts when he's not working. Email him at [email protected] or [email protected]