Tether, the largest stablecoin issuer by market cap, has integrated its offshore Chinese Yuan (CNHT) into Tron.
Bitfinex will be the first exchange to let users deposit and withdraw the new Chinese Yuan Stablecoin (CNHT) using Tron's Network.
the largest stablecoin issuer by market capitalization, has been integrated into the Tron network.
The stablecoin provider Tether announced on December 6 that its offshore Chinese Yuan (CNHT) would now be accessible on the Tron network. Bitfinex will be the first exchange to allow users to deposit and withdraw the brand-new Chinese Yuan Stablecoin (CNHT) during launch using the transport layer of the Tron blockchain.
The 2019-founded CNHT is connected to the offshore Chinese yuan (CNH). The launch of CNHT on Tron will make it possible to buy, sell, and hold CNHT on a second blockchain after it was previously only accessible as an ERC-20 token on the Ethereum network.
Tether's CTO, Paolo Ardoino, commented on the latest announcement and emphasised his enthusiasm for adding CNHT to the Tron ecosystem, saying,
We think that continuing to build is the wisest course of action at this time when the cryptocurrency market is through extreme turbulence. At Tether, things continue as usual, and we hope that by doing so, we will encourage others to do the same.
CNH joins Tether's expanding stablecoin family, which already includes stablecoins tied to the U.S. dollar (USDT), euro (EURT), and peso (PESO), by being available on Ethereum and Tron (MXNT).
Since a few years ago, Tether has come in for harsh criticism. The business is regularly charged with creating fictitious stablecoin tokens to manipulate cryptocurrency prices.
Reeve Collins, a co-founder of Tether, recently rejected these allegations, saying that Tether maintains its reserves, as seen by the proof-of-reserves displayed on their official website.
He continued by saying, I sold the company at the end of 2015, and the principles continue to run it, in my opinion, to the very best of their abilities, [along with] the strongest risk mitigation strategies in the business. It endured the test of time.