Tether Shuts Down CNH₮ Stablecoin Due to Low Demand and Market Pressures
Tether, the largest stablecoin issuer, has announced it will discontinue its offshore Chinese yuan-pegged stablecoin, CNH₮, citing low demand and increased regulatory pressures. The company will immediately stop minting new tokens and will support redemptions for one year from the announcement date. Tether stated the token did not attract significant engagement, making it difficult to justify the operational resources required. The company will instead focus its efforts on its dominant USDT stablecoin, prioritizing markets with better growth prospects and higher adoption rates.
TheNewsCrypto02/21 11:42
