Tether, the blockchain-enabled platform for digital fiat-pegged currencies has announced the offshore Chinese Yuan (CNH₮) being launched on the TRON blockchain today.
#Tether Launches Offshore Chinese Yuan (CNH₮) on #Tron
Read More: https://t.co/0lsOICZPP9 pic.twitter.com/ejlUKGojzi
— Tether (@Tether_to) December 6, 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 initially being available only on the Ethereum blockchain.
The offshore Chinese Yuan (CNH₮) is one of the four major stablecoins supported by Tether including stablecoins pegged to the U.S. Dollar (USD₮), Euro (EUR₮), and Peso (MXN₮).
CNH₮ was first launched in 2019 and it is pegged to the offshore Chinese yuan (CNH).
What is Tether?
Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies digitally. Tether is also the company behind the world’s very first stablecoin the USDT and known to be the digital dollar in the cryptocurrency space it is a U.S. dollar-pegged stablecoin with a 1:1 ratio (1 USD = 1 USDT).
USDT ranks 3rd in the cryptocurrency ranking with an 80.88B USD circulating supply and since it’s pegged to the USD which makes it more unique compared to other cryptocurrencies, the demand for USDT transactions has already increased since it was first launched.
Asides from the USDT, Tether also has other fiat-pegged stablecoins such as the Euro-pegged EURT, Mexican Peso-pegged MXNT, and the 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 it 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, #TRON keeps making strategic moves globally.
🌍In 2022, #TRX is embracing accelerated globalization, and has become the official legal tender of Dominica🇩🇲.
💪#TRON is connecting millions of users and still on its global journey. pic.twitter.com/6W6iPykDSl
— TRON DAO (@trondao) December 6, 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 different 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.