Tether, the company behind the market’s largest stablecoin, USDT, has expanded its offerings to include the offshore yuan-denominated (CNH₮) stablecoin on the Tron blockchain. This initiative will allow Chinese customers to send and receive payments in the stablecoin with less fees compared to the Ethereum blockchain.
In a statement on Tuesday, Tether announced that it was adding CNH₮, an offshore Chinese yuan (CNH)-backed stablecoin, to the Tron blockchain.
Launched in 2019, CNH₮ was initially only available on the Ethereum blockchain as an ERC-20 token. CNH₮ is one of four stablecoins supported by Tether, with stablecoins pegged to the US dollar (USD₮), euro (EUR₮), and peso (MXN₮).
“We are excited to bring CNH₮ to the Tron ecosystem,” said Paolo Ardoino, technical director of Tether. “At a time when the crypto market is experiencing immense upheaval, we believe the best way forward is to keep building.”
Justin Sunfounder of Tron, also addressed the launch of CNH₮ on Tron, and said it was a historic step for crypto and the Asian community.
Tether’s CNH₮ data is currently unavailable on some of the largest crypto-asset price tracking sites, including CoinMarketCap and CoinStats.
However, according to data from CoinGecko, 1 CNH₮ token is currently trading at $0.143427, indicating that its peg to the Chinese Yuan is relatively well respected. Furthermore, the token boasts a market capitalization of $2,940,750 with a 24-hour trading volume of just over $2,000.
While Tether claims that the launch of “CNH₮ on TRON represents the company’s commitment to pioneering stablecoin technology and bringing the most liquid stablecoins to global markets”, it remains to be seen whether demand for this one will be important.
Meanwhile, the crypto exchange Bitfinex announced that it will be the first platform to list the Tron-based stablecoin CNH₮. Tether Limited is owned by the company iFinex Inc, based in Hong Kong, which also owns the Bitfinex crypto exchange. Therefore, Tether and Bitfinex are sister companies.
TRON is a decentralized, open-source operating system based on the blockchain of the same name with smart contract functionality, similar to Ethereum. However, Tron is both faster and cheaper than Ethereum, making it a better option for transactions.
As noted, China conducted an aggressive crackdown on the crypto space in the country in 2021, which led to the entirety of Chinese crypto businesses leaving the country for less hostile territories.
However, China has been less aggressive towards digital yuan-backed stablecoins. In fact, Zhang Pinga researcher from Chinese Academy of Engineeringsaid earlier this year that China should issue a digital yuan-backed stablecoin to build an on-chain payment system for the Chinese metaverse.
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