The team at TrueUSD has announced the launch of TCNH, a Tron-based stablecoin pegged to the offshore Chinese Yuan (CNH) at a one-to-one ratio. The offshore version of the Chinese Yuan is traded outside China while not subject to much of its financial regulations. It is often used as a foreign exchange reserve or for international investments or settlements.
TCNH Will Provide New Options for Millions of Tron Users
The TrueUSD team added that TCNH would provide new options for tens of millions of users on the Tron blockchain. They said that it allows for an avenue for the digitization of fiat currencies to connect the crypto and real-world financial experiences further.
Annabel Gan, TUSD Director of Marketing and Business Development, said:
We’ve seen that financial markets like Hong Kong are moving towards becoming a global hub for digital currencies so our products are constantly evolving.
We believe that TCNH will further cement our leading position in digital currency infrastructure and contribute to our effort of building a trustworthy and decentralized global payment network.
Tether Had Earlier Launched its Own Stablecoin Pegged to the Offshore Chinese Yuan
News of TrueUSD launching its TCNH stablecoin pegged to the offshore Chinese Yuan comes less than two weeks after Tether released its CNHT stablecoin pegged to the same fiat currency on the Tron blockchain.
The team at Tether further explained that CNHT was initially only available as an ERC20 token on Ethereum, but it was now available on the second blockchain of Tron.
Paolo Ardoino, CTO of Tether, explained:
© Solana Daily Brief, Inc. All Rights Reserved. This article is for informational purposes only. It is not to be used as legal, tax, investment, financial, or other advice.We’re excited to bring CNH₮ to the Tron ecosystem. At a time when the crypto market is experiencing immense turmoil, we believe that the best way forward is to keep building.
Things are business as usual at Tether and we hope our continued growth and expansion will inspire others to keep going as well.