I just found out that Tether stopped issuing CNH₮ recently, in February. Basically, they will shut down all support in a year and holders need to redeem their tokens before that date. Honestly, I’m not very surprised; that offshore Chinese yuan token never had the movement they expected.

What’s interesting is that Tether directly admits that trading was very low and adoption never took off. Apparently, traders continued using traditional channels to trade offshore yuan, and on top of that, China launched its own digital yuan that offers interest. Hard to compete against that.

Now Tether is focusing on USDT and other assets with higher demand. It makes sense; the stablecoin market is becoming increasingly competitive, and only those that truly work survive. CNH₮ never reached that point. At least they gave people a year to redeem without pressure.