Over-the-counter trader and cryptocurrency billionaire Zhao Dong said that Tether is preparing to release a new stablecoin backed by the Chinese yuan.
Dong stressed that after the launch of CNHT, which is the name of the new stable cryptocurrency, he will add its support to his cryptocurrency lending platform RenrenBit. The launch of the stablecoin should take place “in just a few weeks”. Interestingly, the RMB reserve will be held in a Belgian bank.
“Personally, I think an offshore stable coin pegged to the yuan could boost the circulation of the offshore yuan and internationalize it. Regulatory authorities should be happy about the appearance of such a stablecoin, ” Dong said.
According to the cryptocurrency billionaire, the appearance of CNHT will also help Tether become less dependent on the US dollar. At the same time, Dong is not aware of how many customers of the company expect the launch of the coin. Also, it is not yet reported on which blockchain the stablecoin will be launched.
It is worth noting that the New York prosecutor’s office is investigating the company Tether and the cryptocurrency exchange Bitfinex, and recently the state court confirmed the powers of the law enforcement agency