Key Highlights
- Tether’s decision came after a review that concluded the token was about as useful as a screen door on a submarine.
- Existing tokens will be redeemable for a year, but don’t get too cozy-after that, it’s lights out!
- The company cited low usage and demand-turns out, folks prefer their cash with a little less “offshore” and a lot more “stable.”
Well, well, well! Tether, that grand maestro of stablecoins, has decided to pull the curtain on its offshore yuan-pegged stablecoin, CNH₮, just like a magician revealing his tricks gone wrong. This decision, made on a fine Friday, follows an internal review which concluded that keeping the token around was akin to nursing a pet rock-lots of care, but no returns.
According to their official proclamation, the minting of new CNH₮ tokens is now as extinct as the dodo, and they’ll be phasing out redemption support faster than you can say “economic strategy.” Over the next year, you might as well keep your eyes peeled for the ticking clock-after which, redemption services will join the dinosaur family.
A Two-Stage Wind-Down Plan
In the grand transition plan, Tether has halted the issuance of new CNH₮ tokens effective immediately. Why? Because the folks at Tether realized that this token wasn’t exactly a hot commodity. Existing tokens can still be redeemed during a one-year grace period, so if you’ve got some of those lying around, now’s the time to make a move before the train leaves the station!
They promise to send a reminder before the final redemption deadline-like that friend who reminds you it’s your turn to pay the tab. They also encourage holders to convert their CNH₮ balances before the support checks out for good.
The Reason Behind the Decision
Tether claims the shutdown is due to low usage-because apparently, not everyone is clamoring for a yuan that plays hard to get. The offshore yuan was meant to keep pace with its mainland counterpart, but it turns out it was more of a turtle in a rabbit race against Tether’s dollar-based offerings.
Growing Initiatives
This news comes on the heels of Tether announcing that Elemental Royalty Corporation will allow shareholders to receive dividends in Tether Gold (XAU₮). Looks like they’re trying to lace up some fancy shoes to dance with traditional investments while still keeping their blockchain swagger.
Also, Rumble has taken a shine to Tether’s USA₮, integrating it into their non-custodial crypto wallet. It’s like a party where everyone brings their crypto snacks-USD₮, Tether Gold (XAU₮), and even Bitcoin are all invited!
A Transition for Token Holders
Tether advises all ye CNH₮ holders across supported blockchains to redeem your tokens before the clock strikes midnight. After that, converting CNH₮ directly through Tether may become a fanciful dream, much like winning the lottery without buying a ticket.
The company assures us the wind-down process will be structured-like a well-rehearsed play-similar to previous product retirements. By discontinuing CNH₮, Tether is tightening its focus on stablecoins with clearer demand, much like a chef trimming the fat to serve up a leaner, meaner menu.
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2026-02-22 21:50