10/09/19 06:00 UTC-4

Tether released crypto-yuan. The first $5.6 million tokens are already in circulation

CryptocurrencyTether released $5.6 million crypto-yuan
Tether released $5.6 million crypto-yuan

The Tether crypto-project has released a new stablecoin tied to the RMB. There is no data on securing a new coin, but almost 40 million tokens have already appeared in everyday life.

 

Tether has issued 40 million tokens. Not a word about collateral

Tether announced the release of the new CNHT stablecoin. The price of the tokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details
is tied to the RMB 1 to 1, and its issue was held on the Ethereum blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
.

"The yuan represents a further expansion of Tether's ability to foster the digital use of traditional currencies," the company said in a statement.

The page where general CNHT collateral data should be posted while is empty. But according to Etherscan blockchain explorer, Tether has already issued 39 million CHNT tokens (about $5.6 million in terms of the US dollar). Moreover, their first portion appeared 150 days ago.

Interesting in the section: Tether, as an analog of the dollar

  • Tether has already released two stablecoins – USDT and EURT. The first is pegged to the US dollar, and the second to the euro
  • The stablecoin should be provided with the corresponding fiat currency 1 to 1. For example, for one USDT the company must store 1 US dollar in reserves
  • At least until 2019, Tether claimed so. But at the beginning of the year, the project said that other assets, in particular loans, could be in USDT collateral. Because of this, the project succumbed to harsh criticism from the crypto-community
  • According to Zhao Dong, a shareholder of the Bitfinex crypto-exchange, USDT is secured by the US dollar by 83.75%. Everything else is Tether loans issued by its Bitfinex sister company  
  • Dong announced the release of Tether crypto-yuan back in mid-August  

 

Editor: Yuliya Soroka

See also: "Stellar will give out $120 million for registration in the chat"

#Tether #USDT #EURT #CNHT #CNH #Cryptoyuan #Stablecoin #Bitfinex

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