Both Tether and Bitfinex are suspected of having unilaterally manipulated the Bitcoin market at times by issuing Tether. There are countless reports and studies on the net that are supposed to prove this connection. The company behind Tether has now announced its intention to launch the digital Yuan.
Tether Holdings, a subsidiary of Bitfinex and the company behind the world-famous Stablecoin Tether, has taken up the cause of spending the digital yuan (CHNT). Zhao Dong, a shareholder of the crypto currency exchange Bitfinex, revealed in an interview that Tether plans to launch the China state-supported Stablecoin CNHT. In addition, Tether plans to launch a new coin, which will be supported by commodities such as gold or crude oil.
Tether is a crypto currency, whose value is pegged 1:1 to the USD and is therefore almost stable in value. With a market capitalization of almost 4 billion USD, tether is currently ranked 6th among the largest crypto currencies worldwide. Tether is also said to be responsible for Bitcoin’s all-time high in 2017 of almost USD 20,000. China has already been working for more than 5 years on the development of its own digital currency, which is to serve as payment security for its citizens of 1.4 billion Chinese and for the international economy.
A special block chain architecture will be used, which has a high transaction throughput and should be able to process several thousand transactions per second. The digital yuan is to be issued as early as the beginning of 2020. Zhao Dong goes on to say that Tether will support the launch (freely translated):
„Personally, I think the yuan’s stable offshore coin could boost and internationalize the circulation of the offshore renminbi. The regulators would be pleased to see how it continues and succeeds.“
When USDT was introduced in 2014, Bitfinex announced that a total of three tokens would be launched:
- USDT -> Tether covered by USD
- Digital Euro, covered by Euro
- Digital Japanese YEN
Due to the popularity and the current hype surrounding the digital yuan, Tether will first launch the CHNT. The news spread like a purgatory on the social networks, so this caught the attention of fraudsters. In some forums it can be read that CNHT can already be bought now. The scammers claim to be official from Bitfinex and Tether and want to organize Airdrops. They send the ERC20 Smart Contract to the users and grant a hefty 30% discount on early investments in CNHT.
So far there is no launch date for CNHT. There is also no official press release from Bitfinex or Tether yet. If and when this process will actually start remains to be seen.