ChainCatcher reports that Tether has announced it will officially cease supporting its offshore Chinese yuan-pegged stablecoin CNHT. Launched in 2019, the product aimed to provide traders with a digital channel for offshore Chinese yuan but has never gained significant market recognition. Tether stated that this move is part of a strategic adjustment to focus resources on products with “strong endogenous adoption” and long-term community demand.
Effective immediately, minting and issuance of CNHT on the Ethereum and Tron blockchains have been halted, and existing holders must complete redemption by early 2027.
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