Tether announces it will cease support for the CNH₮ stablecoin backed by offshore Chinese yuan due to changing market conditions and low demand. The decision is effective immediately, and Tether will stop issuing new CNH₮ tokens. The redemption support will end one year from the announcement date, and the company will send reminders before the deadline.
Tether states that the size of CNH₮ is no longer large enough to justify the operational, technical, and legal compliance costs. During the remaining period, CNH₮ can still be redeemed under current terms. Tether recommends holders to redeem early to avoid risks as the support end date approaches.
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