Tether Holdings, the firm that issues tether (USDT), has plans to launch an offshore Chinese yuan stablecoin called CNHT. Tether’s digital dollar presence within the crypto economy has been massive in recent months, seeing significant demand from China. Bitfinex shareholder Zhao Dong has explained in a recent interview that Tether is also preparing to launch stablecoins backed by bulk commodities like gold, rubber, and crude oil.
Tether Dominance in the East and Plans for a Digital Yuan Called CNHT
Bitfinex shareholder and over-the-counter (OTC) trader Zhao Dong has revealed that Tether is planning to launch a cryptocurrency backed by the Chinese renminbi. Tether has captured a market capitalization of over $4 billion to date. When the project first launched in beta in November 2014, the company said the flagship tether tokens would eventually represent three currencies: “UStether (US+) for United States dollars, Eurotether (EU+) for euros and Yentether (JP+) for Japanese yen.”
Tether (USDT) is the most dominant stablecoin and accounts for the majority of cryptocurrency trades.
A great example of tether’s prevalence can be seen this week as most of the top 10 cryptocurrencies have dropped below their 200-day averages. Today, tether accounts for more than 75% of all BTC trades, 49% of ETH swaps, 40% for XRP, and 57% of all BCH trades. In July, cryptocurrency reporter Anna Baydakova discussed the demand for tether (USDT) with Chinese importers in Russia. According to Baydakova, the importers claim to be purchasing $30 million a day of tethers and between the Russian and Chinese border,