TrueUSD Introduces the TCNH Chinese Yuan-Pegged Stablecoin
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TrueUSD is launching the brand-new stablecoin, TCNH. The new stablecoin's anchor will be the Chinese yuan. Furthermore, it is delivered through the Tron Network (TRX), providing millions of customers with a new trading option.
TrueUSD Introduces the TCNH Chinese Yuan-Pegged Stablecoin
The release of TrueUSD's new TCNH version comes just a few days after Tether announced CNHT, another stablecoin linked to the Chinese Yuan. According to a press release, it is 1:1 connected to the offshore Chinese Yuan. TRON users can now own, exchange, and purchase TCNH.
Currency that is exchanged outside of the country that issued it is called an offshore currency. For settlements, global investments, and foreign exchange reserves, it is commonly employed. Furthermore, the financial restrictions of the country issuing the currency do not apply to foreign currencies. However, it's important to realize that foreign currencies fluctuate more than the yuan on the Chinese mainland.
TrueUSD claims that digitizing conventional fiat currencies also includes TCNH. They believe that by doing this, the relationship between cryptocurrencies and traditional finance will be strengthened. In addition, with the aid of their accounting partners, who carried out real-time audits, they had fully collateralized TCNH.
According to Annabel Gan, the head of marketing and business development at TrueUSD, important global centres for digital currencies are emerging in financial centers like Hong Kong. Additionally, TrueUSD's products are constantly evolving. She believes that TCNH will continue to hold a dominating position in the system that underpins digital currencies. She also thought the group may contribute to the development of a trustworthy, decentralized global payment system.
Final Reflections
Hong Kong is working hard to establish itself as a leader in blockchain technology. Many firms throughout the world are actually becoming interested in it due to its friendly crypto legislation and policy. Tether and TrueUSD are the first cryptocurrencies to support the Hong Kong hub, but I predict that more will do so in the future. Hong Kong may possibly be successful in becoming the metropolis of the future and Asia's crypto powerhouse.