{"id":55591,"date":"2019-08-22T04:00:02","date_gmt":"2019-08-22T02:00:02","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=55591"},"modified":"2019-08-22T02:40:16","modified_gmt":"2019-08-22T00:40:16","slug":"chinese-bitcoin-insider-tether-to-launch-renmenbi-backed-stablecoin","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/chinese-bitcoin-insider-tether-to-launch-renmenbi-backed-stablecoin\/","title":{"rendered":"Chinese Bitcoin Insider: Tether to Launch Yuan-Backed Stablecoin"},"content":{"rendered":"\n
Despite the fact that Bitcoin trading technically isn’t legal in China, Tether may be launching a product to appeal to that audience.<\/p>\n\n\n\n
According to a recent message posted on Chinese social media by Zhao Dong, the founder of Renrenbit and a prominent cryptocurrency investor, Tether may soon issue CNHT, a stablecoin pegged to the Chinese Yuan\/Renminbi. if it does come to market, it has been suggested that the Yuan used to back the asset will be held in overseas banks, presumably to avoid the regulatory risk that comes with dealing in cryptocurrency in a nation where the laws governing this industry are hard to decipher.<\/p>\n\n\n\n
It is important to note that Tether has been rapidly expanding over the past few months, having expanded its USDT stablecoin to an over $4 billion market capitalization and migrating the asset to a number of different blockchains, including Ethereum<\/a>, EOS, and Tron. <\/p>\n\n\n\n Dovey Wan, a prominent venture capitalist and industry commentator, broke down her thoughts<\/a> on the potential venture, explaining why she thinks it may actually not be a good idea for Tether. <\/p>\n\n\n\nUnlikely to be Successful?<\/strong><\/h2>\n\n\n\n