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>>Tether Announces the End of Its Offshore Yuan (CNH₮) Services – The Reason Behind It

Tether Announces the End of Its Offshore Yuan (CNH₮) Services – The Reason Behind It

crypthub

about 7 hours ago

CNH₮ Phase‑out

Tether announced it will stop issuing its offshore Chinese Yuan token, CNH₮. The move follows persistently low demand and poor adoption compared with its other products. New issuance ends immediately and users have one year to redeem their holdings. Tether will issue a reminder before the redemption deadline.

Strategic Focus

The company said it will direct resources toward stablecoins that show strong, organic growth and long‑term relevance. It continues to operate USDT, the world’s largest stablecoin with a market cap around $184 billion. Earlier this year Tether launched USAT for American users, expanding its tokenization infrastructure.

Global Stablecoin Demand

A BVNK survey with Coinbase, YouGov and Artemis found Nigeria and South Africa leading stablecoin adoption, with 80 % of respondents holding them and 75 % planning to increase holdings. Users are seeking protection from volatile local currencies. The total stablecoin market is about $310 billion and is expected to grow further after regulatory developments such as the GENIUS Act.