TCNH, a stablecoin pegged to Offshore Chinese Yuan (CNH) at a 1:1 ratio, has launched on the Tron blockchain.
Offshore currencies are stored and traded outside the issuing country and are often used as foreign exchange reserves, or for international investments or settlements. They are also not subject to the issuing country’s financial regulations.
TCNH offers another stablecoin option for tens of millions of global users at Tron, who can obtain, hold, and trade the token on the Tron blockchain.
In a video interview accompanying the launch, Tron founder Justin Sun noted that, "The Chinese Yuan has been a long-dominant currency for the crypto industry," while the stablecoin market has hitherto been dominated by U.S. dollar offerings. "
At least two billion people in Asia prefer Chinese Yuan rather than U.S. dollars," Sun added, predicting that Chinese Yuan-based stablecoins will prove attractive to a wide audience of potential users.
Tron highlighted that the launch of TCNH would help further its mission to digitize fiat currencies and connect the world of cryptocurrency with the existing financial system.
In a statement accompanying the launch, Justin Sun said that, “I believe that TCNH is a model for compliant and robust offshore stablecoins.” He added that the launch of TCNH will add to a foundation for future offshore stablecoin offerings.
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