One of the worst kept secrets in crypto has finally to fruition: Tether is launching a stablecoin tied to the Chinese yuan.
Paxos Trust, the company behind stablecoin Paxos Standard, announced plans to launch two new asset-backed coins.
Tether—with its sister company Bitfinex—may be in a heap of trouble in New York, but the stablecoin issuer is trying its hand at taking on another major currency: China’s yuan.
We’re not sure how powerful a punch Chinese billionaire Shi Jianxiang (in Chinese: 施健祥) can throw, but he’s threatening to go head to head with former heavyweight champion Mike Tyson—well, at the very least in a courtroom. That’s because the bout between Iron Mike and Shi’s sports-related blockchain project Fight To Fame (in Chinese: 一战成名) is heating up on the pages of Modern Consensus.