Tether launches Chinese yuan (CNH₮) on Tron blockchain

Tether announced the launch of its stable asset linked to the Chinese yuan (CNH₮) on the Tron blockchain.. Bitfinex will be the first exchange to allow its users to deposit and withdraw CNH₮.

The company Tether Operations Limited (Tether) is dedicated to the development of stable assets linked to various fiat currencies from around the world. The first asset to be created was USDT, a stable currency pegged to the U.S. dollar, first launched in 2014.. The procedure is simple: the user must lock in a dollar to obtain a USDT through a smart contract, which makes the asset 100 percent guaranteed by that dollar. At any time the user can perform the reverse procedure and burn the token to obtain the dollar again.

Following the same procedure, in 2019, Tether launched the offshore Chinese yuan (CNH₮), the first stable asset pegged to the Chinese yuan.. Initially, Tether launched the asset through the Ethereum blockchain as an ERC-20 token, but that has just changed. Tether launched a update for CNH₮ by incorporating the asset into the TRON blockchain.. This means that TRON becomes the second network to support the stable coin and the first since the asset’s launch.

Adding support for CNH₮ on a network such as TRON provides greater freedom to use the asset and makes it easier for multiple users to reach the asset. For the launch, Tether decided that. Bitfinex will be the first exchange to allow its users to deposit and withdraw CNH₮ using the new network..

Paolo Ardoino, CTO of Tethercommented on the arrival of CNH₮ on the TRON network.

“At a time when the cryptocurrency market is in high turmoil, we believe the best path is to keep building.“

With CNH₮, Tether’s asset family reaches a total of 4 stable cryptocurrencies. Tether has assets pegged to the US dollar (USD₮), the offshore Chinese yuan (CNH₮), the euro (EUR₮) and the weight (MXN₮). The MXN₮ was the last of the assets to reach users, launch in May of the same year.

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