Stablecoin operator Tether plans to issue a Chinese yuan-backed stablecoin, local industry media ChainNews reports on Aug. 21.

Tether to issue a renminbi-pegged stablecoin

Bitfinex shareholder Zhao Dong informed the outlet that Tether — the stablecoin operator behind leading stablecoin USDT — plans to issue a new stablecoin in the near future. The stablecoin in question would be backed by Chinese yuans held in offshore accounts under the CNHT ticker.

Dong also reportedly said that his digital asset management platform RenrenBit will be the first to invest in the project. Lastly, according to the outlet he also pointed out that Tether and cryptocurrency exchange Bitfinex are in a side-by-side relationship and that they have the same management team.

Tether has not replied to Cointelegraph’s request for an official confirmation at press time. 

This story is developing and will be updated accordingly.