The TrueUSD (TUSD) team announced the release of a new stablecoin, TCNH, linked to the Offshore Chinese Yuan (CNH) at a 1:1 ratio.
In particular, TCNH will be deployed on the TRON (TRX) blockchain, where users can buy, hold, and trade the token, which is secure, transparent, and conforms with all applicable legal and technological criteria, according to information shared with Finbold.
Offshore currencies are defined as those that are held and exchanged outside of the nation that issued them while also not being subject to the financial restrictions of the issuing country. They are often used for foreign currency reserves, overseas investments, and international settlements.
TCNH is a trustworthy and open network. Like all other TrueUSD products, it is audited by some of the most prestigious accounting firms in the world to ensure that it conforms with all applicable legal and technical criteria.
Digitizing fiat currencies
Notably, TCNH is the most recent form of TrueUSD’s dedication to digitizing conventional fiat currencies and constructing a reliable and decentralized global payment network.
Annabel Gan, TUSD Director of Marketing and Business Development, stated:
“We’ve seen that financial markets like Hong Kong are moving towards becoming a global hub for digital currencies so our products are constantly evolving. We believe that TCNH will further cement our leading position in digital currency infrastructure and contribute to our effort of building a trustworthy and decentralized global payment network.”
Following Tether’s launch of an offshore yuan-pegged stablecoin CNH Tether (CNHT) on the TRON blockchain on December 6, TCNH provides an option for the tens of millions of users using the network as well as further integrating the crypto sector with the real world.
First released in 2019 and is tied to the offshore Chinese Yuan. CNHT is one of Tether’s four main stablecoins, and its introduction to the TRON ecosystem signifies a “big milestone for crypto and Asia community,” in the words of TRON’s founder Justin Sun.