Cryptocurrency | Tether launches new Stablecoin pegged to Yuan


Tether has launched a stable coin that is pegged to the Chinese Yuan currency, this coin is named the Yuan Tether Coin (YTC) and will run on the ethereum blockchain. The pegged Yuan will be stored abroad (probably outside China) as a backup.

This report was posted on their blog and read YTC is a further extension of Tether's ability to facilitate the digital use of traditional currencies, such as the US dollar (USDT) and the euro (EURT)

Coindesk previously reported in August that Tether wanted to add a new variant of stablecoin pegged to the Chinese Yuan currency.


Zhao Dong, who is a shareholder in the Tether and Bitfinex company, said that he believed that stable funds supported by Yuan could increase conventional currency circulation (FIAT).

Until now, Tether has not provided further details regarding this new stable, such as where it will be registered and where it will be stored. According to Dong his company, RenrenBit, will provide support and yuan reserves will be deposited in banks in Belgium.

Source: Coindesk and Tether

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Cryptocurrency | Tether launches new Stablecoin pegged to Yuan Cryptocurrency | Tether launches new Stablecoin pegged to Yuan Reviewed by sheffter on September 12, 2019 Rating: 5

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