RATE Group | CNH Tether Avoids USDT Regulatory Risk
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CNH Tether Avoids USDT Regulatory Risk

02 Oct CNH Tether Avoids USDT Regulatory Risk

Posted at 05:19h in Bitcoin News by

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In late August various crypto media reported that Tether planned to issue a Chinese yuan-backed stablecoin. Bitfinex shareholder Zhao Dong told ChainNews that the stablecoin would be called CNHT and be held in offshore accounts. Zhao also said that his peer-to-peer lending platform, RenrenBit, had invested in the project and on Sept. 9 Tether officially announced the launch of CNHT.  At the time Zhao said: 

“Personally, I think the offshore yuan stablecoin could boost the circulation of offshore renminbi and internationalize it. Regulators may be happy to see it proceed and succeed.”

Many in the crypto community believe that CNHT might make it easier for investors to enter the crypto space. A yuan-backed stablecoin could also make it easier for blockchain and cryptocurrency companies to raise capital and grow without jumping through cumbersome regulatory hoops. 

Some traders believe that Tether printing is directly connected to Bitcoin’s price action and Cointelegraph…

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