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Tether To Terminate Offshore Yuan (CNH₮) Operations – Here’s Why

Tether has announced it will discontinue its offshore Chinese Yuan stablecoin (CNH₮) due to a lack of market demand and operational inefficiency. Effective immediately, new issuance of CNH₮ has been halted. Existing users have one year to redeem their tokens before the stablecoin is permanently phased out. The company stated it will reallocate resources to products with stronger adoption, such as its flagship USDT, which has a market cap of $183.7 billion. In related news, a survey highlighted Nigeria and South Africa as leading markets for stablecoin adoption, with 80% of respondents in these countries holding stablecoins.

bitcoinist02/22 19:02