Tether gears up for RMB-linked Stablecoin

OTC trader and cryptocurrency billionaire Zhao Dong said that Tether is preparing to release a new stablecoin secured by the Chinese yuan.

Dong emphasized that after the launch of CNHT, which is what the new stable cryptocurrency will be called, he will add its support to his RenrenBit cryptocurrency lending platform. The launch of stablecoin should take place “in just a few weeks.” Interestingly, the reserve in RMB will be kept in a Belgian bank.

“Personally, I think that an offshore stable coin tied to the renminbi could increase the circulation of the offshore renminbi and internationalize it. Regulators should be delighted to see such a stablecoin, ”said Dong.

According to the cryptocurrency billionaire, the advent of CNHT will also help Tether become less dependent on the US dollar. At the same time, Dong is not aware of how many customers expect the launch of the coin. Also, it is not yet reported on which blockchain the stablecoin will be launched.

It is worth noting that the New York prosecutor’s office is conducting an investigation against Tether and the Bitfinex cryptocurrency exchange, and recently a state court confirmed the powers of the law enforcement agency.