Tether: Offshore Chinese Yuan (CNH₮) Launches on TRON Blockchain
Tether, the blockchain-enabled platform for digital fiat-linked currencies has announced the launch of offshore Chinese Yuan (CNH₮) on the TRON blockchain today.
#Tether Launching Offshore Chinese Yuan (CNH₮) on #Throne
Read more: pic.twitter.com/ejlUKGojzi
— Tether (@Tether_to) 6 December 2022
BitFinex would be the first exchange to allow user deposits and withdrawals of the offshore Chinese Yuan (CNH₮) on TRON.
TRON would be the second blockchain to support the Chinese Yuan (CNH₮) after being available only on the Ethereum blockchain.
The offshore Chinese Yuan (CNH₮) is one of the four major stablecoins backed by Tether, including stablecoins pegged to the US dollar (USD₮), the Euro (EUR₮) and the Peso (MXN₮).
CNH₮ was first launched in 2019 and is pegged to the offshore Chinese yuan (CNH).
What is Tether?
Tether is a blockchain-enabled platform designed to digitally facilitate the use of fiat currencies. Tether is also the company behind the world’s very first stablecoin USDT, and known to be the digital dollar in the cryptocurrency space, it is a US dollar-pegged stablecoin with a ratio of 1:1 (1 USD = 1 USDT).
USDT ranks 3rd in the cryptocurrency ranking with an 80.88B USD circulating supply, and since it is pegged to the USD, making it more unique compared to other cryptocurrencies, the demand for USDT transactions has already increased since its launch.
Apart from USDT, Tether also has other fiat-pegged stablecoins such as Euro-pegged EURT, Mexican Peso-pegged MXNT and Chinese Yuan-pegged CNHT.
What is TRON?
TRON is a blockchain-based decentralized platform founded by the former TRON CEO, Justin Sun in 2017, and aims to create a free, global digital content entertainment system with distributed storage technology that allows easy and cost-effective sharing of digital content.
🚀As the world’s fastest growing public chain, #THRONE continues to make strategic moves globally.
🌍In 2022, #TRX embracing accelerated globalization, has become the official legal tender of Dominica🇩🇲.
💪#THRONE connecting millions of users and is still on its global journey. pic.twitter.com/6W6iPykDSl
— TRON DAO (@trondao) 6 December 2022
It has a native cryptocurrency called Tronix or TRX and the company is dedicated to building the infrastructure for a truly decentralized Internet, they have added blockchain support to various fields such as DeFi, NFT and GameFi.
TRON and its TRC20 tokens are the authorized digital currencies of the Commonwealth of Dominica.
For more news and updates, see Tron Spark.