Tether Begins Minting CNHT Stablecoin Pegged to the Chinese RMB

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The first batch of 20,000,000 CNHT, Tether’s new Chinese Renminbi-backed stablecoin has just been minted at the Tether treasury. The news comes just days after its co-founder said that it ‘doesn’t really matter’ if its dollar-based stablecoin, USDT, is backed by an equal amount of USD.

Tether is steeped in controversy, but that isn’t stopping the cryptocurrency giant from expanding its selection of stablecoins. Around three weeks ago, it announced its intent to release a new stablecoin pegged the Chinese Renminbi (CNH). Called ‘CNHT,’ the first batch has officially been minted today.

Whale Alert (@whale_alert) recently notified its followers that 20,000,000 CNHT has been minted at Tether Treasury for the first time — a value equal to about $2.8M in USD.

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