Tether launches RMB stablecoin

Tether, which previously announced plans to release a new stable coin tied to RMB, is pursuing its intentions and announces the release of CNHT.

The new asset is an ERC20 token on the Ethereum blockchain and is tied to an offshore renminbi (a currency used outside of China).

Also, as The Block learned, Tether plans to launch the stablecoin JPYT, pegged to the Japanese national currency, the yen, shortly.

According to analysts, CNHT will negatively affect the local crypto community, given the still rather tough position of the Chinese authorities regarding the industry. Tether, in turn, stated that the new asset would not become some kind of obstacle to local traditional currencies and financial priorities.

Recall, last week, Tether announced its intention to issue a stablecoin, secured by a basket of exchange-traded assets - gold, oil, rubber