Tether Discontinues Support for CNH₮ Shifting Strategy
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Tether will discontinue its offshore yuan stablecoin CNH₮ due to weak adoption and limited market demand, halting new issuance immediately. Redemption support will continue for one year after this announcement, urging holders to redeem early.
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- Tether will discontinue its offshore yuan stablecoin CNH₮, stopping new issuance immediately.
- Redemption support for CNH₮ will end one year after the announcement, with holders urged to redeem early.
- The shutdown follows weak adoption and limited market demand that no longer justifies operational costs.
Tether announced it will discontinue support for its offshore yuan stablecoin CNH₮ after reviewing market demand and product sustainability. The company said the decision follows weak adoption and changing market conditions.
Effective immediately, Tether has stopped all new CNH₮ issuance and no additional tokens will be minted going forward.
The company will continue redemption services for one year from the announcement. After that deadline, redemption support will end. Interestingly, the stablecoin was launched in September 2019 with initial availabilit…
Read The Full Article Tether Discontinues Support for CNH₮ Shifting Strategy On Coin Edition.
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