Stablecoin operator, Tether, has announced that all is in place to launch a new stablecoin, CNHT, attached to CNH, foreign Chinese Yuan Renminbi.

Zhao Dong, a shareholder at Bitfinex, verified the report reasserting the already made claims of Tether launching a new stablecoin.

“CNHT is about to be launched, and it is futuristic in nature,” he said.

Renrenbit expected to be the first investor

Bitfinex Zhao Dong, further stated RenrenBit, his crypto lending company, will be the first establishment to financially invest in and support CNHT.

CHNT is joining other already existing stablecoins in Tether’s control, becoming the fourth stablecoin administered by Tether. The stablecoin operator already controls three other stablecoins pegged to the dollar (USDT), euro (EURT) and yen (JPYT). JPYT, stablecoin pegged to the Japanese Yen, has however not been launched yet.

Thoughts on the news

Dovey Wan, CEO of Primitive crypto platform, is of the opinion there will not be enough demand for CNHT, believing most Chinese people will rather trade in stablecoins pegged to the dollar (USDT), or euros (EURT) over CNHT.

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