According to Zhao Dong, a shareholder of Bitfinex, the issuer of USDT stablecoin Tether Limited may soon roll out a new stablecoin called CNHT that would be pegged 1:1 to Chinese yuan.
However, Zhao adds Chinese regulators will not be happy about it.
"Hope this won't destroy Tether. I don’t think that CHNT will be in sufficient demand, as local residents continue to exchange USDT for yuan," Zhao highlighted.
Zhao also notes that Tether will not probably start a new banking partner to store assets, so Bahamian bank called 'Deltec Bank' will remain as the main bank partner.
Earlier iHodl reported that according to a report by market research company Coin Metrics, 80% of all Tether tokens are stored in just 318 addresses.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.