- Tether (USDT) is a popular stablecoin in China
- Offshore Chinese yuan pegged stablecoin to be launched in “near future”
- Cloud end up “pissing” Chinese regulators, says Dovey Wan
A new stablecoin dubbed “CNHT” pegged to offshore renminbi will be issued by Tether, Zha Dong, a Bitfinex shareholder told ChainNews on Wednesday.
Bitfenix is Tether’s sister company and shares the same management team.
Dong further confirmed that Chinese yuan (CNH) pegged stablecoin will be launched in the
“near future.”
He further shared that his cryptocurrency lending platform RenrenBit will be the first one to invest in the stablecoin.
After US Dollar (USDT) and euro (EURT), now Tether is adding another fiat currency backed stablecoin to its basket.
Tether is the most popular stablecoin in China, with 60% of all USDT trading globally, Chinese cryptocurrency exchanges lead as per Diar’s June analysis. They accounted for more than $10 billion in USDT trading versus $450 million in the US, during that period.
Back in April, Tether was also trading at a premium of 4% on OTC trading desks against the Chinese Yuan.
So, it makes sense that Tether will be making an attempt to enter the Chinese market.
However, Dovey Wan of Primitive Crypto don’t see enough demand for this stablecoin as “local Chinese will still trade USDT with CNY, if it’s CNH it will be the same as USD.”
Moreover, it will only end up “pissing” Chinese regulators she says as the country is already working on its government-backed digital currency.
