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Tether company launches digital Chinese yuan on the Tron blockchain

Stablecoin issuer Tether has revealed that the Chinese offshore yuan (CNHT) will now be available on the Tron blockchain.

Using the transport layer of the Tron blockchain, Bitfinex will be the first cryptocurrency trading platform to allow users to deposit and withdraw Chinese New Yuan (CNHT) during .

CNHT launch on Tron:

CNHT was established in 2019 and is pegged to the offshore Chinese Yuan (CNH).

With the debut of CNHT on Tron, the latter will become the second blockchain on which CNHT can be obtained, traded and held, which was initially only available as an ERC-20 token on the Ethereum blockchain.

Speaking about the new announcement , Paolo Arduino, Chief Technology Officer of Tether, expressed his excitement about bringing CNHT to the Tron ecosystem, stating:

At a time when the cryptocurrency market is going through massive turmoil, we believe the best way forward is to keep building.

It's business as usual at Tether and we hope our continued growth and expansion will inspire others to keep going too

added:

With CNH now available on both Ethereum and Tron, the Chinese digital currency joins Tether's growing family of stablecoins that includes stablecoins pegged to the US dollar (USDT), the euro (EURT), and the peso (MXNT)

Tether has been the target of intense criticism for several years now.

The company is often accused of minting stablecoins out of thin air in order to influence the cryptocurrency markets.

Recently, Tether's co-founder, Rev Collins, refuted these claims and stated that Tether holds its reserves which can be seen through the proof of reserves posted on the company's official website.

He continued:

I sold the company at the end of 2015, and the principles have continued to work and in my opinion, to the greatest extent possible, [along with] the best risk mitigation techniques in the industry.
The company has stood the test of time.