One of the worst kept secrets in crypto has finally to fruition: Tether is launching a stablecoin tied to the Chinese yuan.
To quote Chairman Mao: "Where in the Red Book did I say anything about issuing tokens without backing assets?"
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Playing with fire, Tether looking to launch Chinese yuan-based stablecoin
Tether may be doubling down with a renmimbi product
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.
