Tether to discontinue support for offshore yuan stablecoin CNH₮

Tether, the issuer of the world's largest stablecoin USDT, has announced it will discontinue support for its offshore yuan-pegged stablecoin, CNH₮. Support and new token issuance will cease immediately. The company attributed the decision to market conditions and limited demand, adding that the scale of CNH₮ was insufficient to justify continued operational support. Redemptions will remain available for one year following the announcement. Tether first launched support for the stablecoin in December 2022.