Tether launches CNYT stablecoin RMB

Tether released the CNHT stablecoin provided by the RMB on the Ethereum blockchain. The new ERC-20 standard token is provided by RMB held in offshore.

“CNHT represents a further expansion of Tether’s ability to promote the digital use of traditional currencies such as the US dollar (USDT) and the euro (EURT),” the company’s blog post said.

Tether’s plans to launch a stablecoin linked to the RMB became known at the end of last month. Then over-the-counter trader and cryptocurrency billionaire Zhao Dong said that CNHT would help Tether become less dependent on the US dollar.

On Monday, Tether published a smart contract address for CNHT, but did not provide any additional information about the new stablecoin. It is not yet clear which exchanges will add the token to the listing and where the RMB that will provide stablecoin will be stored.

In addition, in early September, it became known that Tether plans to launch a stablecoin with the provision of commodities.