Tether Launches Offshore Chinese Yuan (CNH₮) on Tron

Tether has announced the addition of the offshore Chinese Yuan (CNH₮) to the Tron blockchain. Bitfinex is the first exchange to support CNH₮ deposits and withdrawals.

Tether Launches Offshore Chinese Yuan (CNH₮) on Tron

On December 6, Tether, the largest stablecoin issuer in the market, revealed that it has integrated the offshore Chinese Yuan (CNH₮) onto the Tron blockchain. Bitfinex is the first exchange to facilitate CNH₮ deposits and withdrawals.

For those who might not be aware, the global financial market typically refers to two types of Chinese Yuan: the onshore currency – denoted as CNY – and the offshore currency used internationally for trade and finance – denoted as CNH.

Launched in 2019, CNH₮ is pegged 1:1 to the offshore Chinese Yuan (CNH). Initially available only on Ethereum as an ERC-20 token, CNH₮ will now be accessible on Tron. In addition to CNH₮, Tether also supports USD (USD₮), Euro (EUR₮), and Peso (MXN₮).

Paolo Ardoino, CTO of Tether, stated:

“We are excited to welcome CNH₮ to the Tron ecosystem. In these turbulent times for the crypto market, we believe the best course of action is to keep building and looking toward the future. Everything continues to run smoothly at Tether, and we hope our ongoing growth and expansion will inspire others.”