The TrueUSD (TUSD) team has introduced a new stablecoin, TCNH, which is pegged to the Offshore Chinese Yuan in a 1:1 ratio.
According to the information, TCNH will be implemented on the TRON (TRX) blockchain, which is safe, transparent, and compliant with all relevant legal and technological standards and also, users will be able to purchase, store, and trade the token.
As per the TUSD’s Director of Marketing and Business Development, Annabel Gan, who states:
“We’ve seen that financial markets like Hong Kong are moving towards becoming a global hub for digital currencies so our products are constantly evolving.”
Gan furhther added that TrueUSD believes that “TCNH will further cement our leading position in digital currency infrastructure and contribute to our effort of building a trustworthy and decentralized global payment network.”
On December 6, in an effort to analyze what might push its price upward, Tether’s introduction of CNH Tether (CNHT), an offshore yuan-pegged stablecoin on the TRON blockchain, came to light.
TCNH gives the network’s tens of millions of users another option while also bringing the crypto sector closer to the real world. All TrueUSD products, including this one, undergo rigorous audits by some of the world’s top accounting firms to guarantee they meet all legal and technological requirements.
As per the announcement, there is no deceptiveness or restriction on TCNH.
When a currency is held and traded outside of the country that issued it, it is considered offshore since it is not subject to the issuing country’s monetary regulations. TCNH will be based on the offshore Chinese Yuan.
Foreign exchange reserves, investments abroad, and international payments all benefit from their utilisation. Previous year, TheCoinRise stated that China was intending to launch a “offshore Renminbi for crypto trading” that would be pegged to the Yuan.
The coin has been labeled “offshore” since it will not be traded on domestic exchanges but rather in global ones.