TRON became the second blockchain to onboard Tether’s offshore Chinese Yuan CNHT after Ethereum. The token will debut first on the Bitfinex exchange enabling its users to deposit and withdraw CNHT using the Tron network transport layer from the platform, the blog read.
TRON founder and crypto billionaire Justin Sun hailed the launch calling it a “big milestone for crypto and Asia community.”
CNH was founded in 2019 and is linked to the offshore Chinese yuan. With the latest support, TRON is now the second blockchain on which it is possible to acquire, trade, and hold CNH, which was initially only available as an ERC-20 token on the Ethereum network.
One of the four stablecoins that Tether supports, along with others tied to the U.S. dollar [USD], Euro [EUR], and Mexican peso [MXN], is CNH.
Speaking on the latest development, Paolo Ardoino, CTO of Tether stated,
We’re excited to bring CNH₮ to the Tron ecosystem. At a time when the crypto market is experiencing immense turmoil, we believe that the best way forward is to keep building. Things are business as usual at Tether and we hope our continued growth and expansion will inspire others to keep going as well.
The announcement has hardly put any impact on TRON’s value which is down by over 40% over the course of 12 months. The token is presently the 16th largest crypto asset in terms of overall valuation with a market cap of $4.8 billion.
On the other hand, the asset performed comparatively better in stablecoin inflow last month.
TRON Hit $1B Stablecoin Inflow
According to DeFi TVL aggregator, DeFiLlama, the Tron decentralized platform observed an inflow of $1 billion USDT for the past two weeks.
As seen in the graph above, the most notable day in the aforementioned period was November 18, when the blockchain witnessed a surge in stablecoin input. The other times the network saw peaks were on November 24 and November 28.
At first look, this development suggested that investors are moving forward and had a great deal of faith in the project.
But, many quickly surmised that this might not have been the truth and that Justin Sun, the founder of Tron, was actually behind it all in an effort to increase TRX liquidity.