Tether to End Support for CNHT Amid Low Usage
Tether has announced it will stop issuing CNHT immediately and end redemption within one year, citing low demand and limited adoption in the crypto community.
USDT
Summary
Tether stated it will discontinue its offshore yuan stablecoin CNHT, effective immediately for new issuances. The decision stems from low demand and limited community adoption. Redemption services for CNHT will remain available for one year from the announcement date, after which they will cease. The company advises holders to redeem before the deadline to avoid losing redemption access.
Terms & Concepts
- CNHT: A stablecoin issued by Tether pegged to the offshore Chinese yuan (CNY).
- Stablecoin: A cryptocurrency designed to maintain a stable value by pegging it to a reserve asset such as the U.S. dollar or other currencies.
- Redemption: The process of exchanging or converting a stablecoin back into its pegged asset or equivalent value.