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.
News from New York Attorney General Letita James lawsuit against Bitfinex and Tether might finally be getting juicier. In an August 19 ruling, Judge Joel Cohen of the New York State Supreme Court shot down attempts by cryptocurrency exchange Bitfinex and its sister company, stablecoin issuer Tether, to shut down the civil action.