Stable Yuan: Tether.io Launches Stablecoin pegged to Chinese Yuan

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Stable Yuan: Tether.io Launches Stablecoin pegged to Chinese Yuan

Tether Operations Limited, the company behind the most liquid and famous stablecoin Tether – USDT announces the addition of its offshore Chinese Yuan (CNH₮) to the Tron blockchain. 

What is the Chinese yuan – CNH₮ ?

The Chinese yuan is the official currency of China. The blockchain based stablecoin CNH₮ is a type of cryptocurrency that is designed to maintain a stable value, by being pegged to the Chinese Yuan. The new CNH₮ will be pegged to offshore Chinese yuan (CNH) and follow this price exactly.

What is Tron? 

Tron is a decentralized blockchain platform that is designed to build and deploy decentralized applications (DApps). It uses a custom-built blockchain and a native cryptocurrency called TRX to power its network. Tron was founded by Justin Sun in 2017 and has its headquarters in Singapore. 

It is designed to be a global free content entertainment system, allowing users to publish, store, and own data without the need for intermediaries. The Tron network aims to create a decentralized internet that is open and accessible to everyone.

Where to trade the Chinese Yuan Stablecoin – CNH₮

Bitfinex will be the first exchange to enable its users to deposit and withdraw CNH₮ using the Tron blockchain. 

On which blockchain is Chinese Yuan Stablecoin – CNH₮

Initially available only on the Ethereum blockchain as an ERC-20 token, the CNH₮ launches on TRON and hereby making it the second blockchain on which CNH₮ can be obtained, traded, and held. 

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