Tether has announced the launch of CNH Tether (CNHT), a stablecoin pegged to the Chinese yuan, on the Tron blockchain. Created in 2019, CNHT was previously only available on the Ethereum blockchain as an ERC-20 token. Its market capitalisation is $2.9 million, according to CoinGecko.
Tether is the issuer of USDT, the leading stablecoin and the third largest cryptocurrency pegged to the U.S. dollar. The company has also issued the stablecoins EURT (Euro Tether), MXNT (Mexican Peso Tether) and XAUT(Tether Gold), which is pegged to the gold rate.
With the launch of the CNHT token, Bitfinex became the first exchange to allow its users to deposit, withdraw, and store a stablecoin on the Tron blockchain. The listing of the token was also announced by Huobi. Depositing and withdrawing funds in CNHT (TRON) on the platform will soon be possible, and spot trading in pairs with the USDD stablecoin will begin when the volume of deposits meets market trading requirements, which the exchange will announce later.
Tether-issued stablecoins are 82% backed by cash and cash equivalents, short-term deposits and commercial paper. Of these, more than 70% are U.S. Treasury bills. The company has been gradually shedding risky assets and converting reserves into U.S. government bonds. In mid-October, Tether reported that it had completely withdrawn commercial securities from the Tether stablecoin (USDT) collateral.