Stablecoin operator Tether plans to launch a Chinese language yuan-backed stablecoin, native business, chainNews media reports on August 21.
Tether to challenge a renminbi-linked stablecoin
Bitfinex shareholder Zhao Dong knowledgeable the outlet that Tether – the stablecoin operator behind the main stablecoin USDT – is planning to launch a brand new stablecoin within the close to future. The related stablecoin could be supported by Chinese language yuan held on offshore accounts below the CNHT ticker.
Dong has additionally reported that his digital asset administration platform, RenrenBit, would be the first to put money into the undertaking. Lastly, in response to the outlet, he additionally identified that Tether and cryptocurrency-bitfinex are interconnected and that they’ve the identical administration crew.
Tether didn’t reply to Cointelegraph's request for an official affirmation on the time of printing.
A controversial partnership
The connection between Bitfinex and Tether aroused suspicions after the NYAG archived a criticism towards iFinex, Bitfinex and Tether in April. The NYAG claimed that the businesses have cheated New York buyers by hiding a lack of $ 850 million on the Bitfinex buying and selling platform.
As a Cointelegraph reported Bitfinex and Tether have beforehand responded to Choose Joel Cohen's current ruling within the ongoing New York Legal professional Normal (NYAG) case towards corporations, claiming that the above claims are unfounded.