Tether Limited expanded its list of stablecoins according to the announcement that we have today in the altcoin news today by launching an offshore yuan-backed digital currency.
The Hong Kong Company stated in a short blog post that the new stablecoin named as CNHT would be pegged 1:1 to the offshore Chinese yuan. The popular stablecoin USDT which is backed by the US dollar and so will be the new CNHT as an ERC20 token atop the ethereum blockchain. The announcement comes after years of debating about the relationship between the Chinese yuan and the number one cryptocurrency. Many of the analysts believe that the investors in China use Bitcoin as a tool to fight the state-imposed capital controls and after the decline of the yuan has prompted the majority of them to dump the yuan or yuan-based assets for Bitcoin.
Tether Limited expands and is now cashing in on the sentiment because of the dangers thanks to the gloomy economy which is led by the ongoing US-China trade war which sends the investors choosing safe-haven assets such as Bitcoin. CNHT aims to remove the necessity of exchanging yuan each time when there is a need to purchase or sell bitcoins. It could also provide liquidity between the two currencies because the investors trust Tether for maintaining the 1:1 peg to yuan:
“CNH represents a further expansion of Tether’s capabilities in facilitating the digital use of traditional currencies, such as US dollar (USDT) and euro (EURT).’’
Tether attached a new smart contract address after the announcement which probably shows the total number of the issued CNHT tokens. Despite the promises, CNHT ensures to become a part of the ballooning Tether controversy. Back in 2018, The New York Attorney Journal filed a complaint against Tether Limited and its associate BitFinex for reportedly covering up losses of $850 million by borrowing the dollar reserves. The lawyer of Tether Limited later admitted that the client misbalanced the dollar peg after the $850 million handlings to BitFinex. The controversy increased further after Tether Limited stated that they have no contractual right and other legal claims so USDT will be redeemed or exchanged for dollars. As per the latest cryptocurrency news reports, Tether’s decisions could hamper the entire industry in China given the harsh regulations that can stop CNHT’s growth.
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Binance.US Begins Registration Today: 13 States Excluded
"Launching tomorrow, Binance.US is a fast and secure digital asset marketplace, delivering the world’s leading digital asset trading technology, speed, and experience to everyday users in America," the post said.According to an official blog post which went viral in the Bitcoin and altcoin news published on September 17, the exchange will start the registration at 8am ET on September 18 in most of the US states. The list will exclude the states of Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont and Washington.
“Although it is upsetting that we cannot offer Binance.US in [these] states [...] at this time, please rest assured that this is just the beginning, and it is our mission to bring access to those of you in these states many of us call home,” the post continues.Once the registration process starts, Binance.US will start accepting inbound transfers for Bitcoin (BTC), Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Tether (USDT) and USD "upon appropriate account verification" as the exchange revealed. According to the announcement, there would be no trading fees until November 1st. A popular question in the coming altcoin news are the trading fees. As Binance.US stated in the post, they are an "independent entity" which means that any of the digital assets held by other trading venues or custody solutions "will not automatically transfer to Binance.US." The fees for personal accounts are 0.10% per trade (flat) which means that if you buy $100 of BTC, the fee will be $0.10. Binance.US also noted that the exchange will be separate from Binance.com since the former is a separate company operated by BAM Trading Services. Currently, US users and their digital assets will also be stored in Binance.US wallets. As many best cryptocurrency news sites reported on September 11, the 24-hour trading volume of major cryptocurrency exchange Binance and its futures markets has exceeded $150 million, all of which was denominated in USDT.
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Wells Fargo Will Launch A New Stabelcoin Cryptocurrency Next Year
“We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”Wells Fargo will launch its stablecoin after the largest bank in the United States JPMorgan Chase announced the launch of their own digital currency as a solution to changes in the global financial space. JPMorgan’s coin saw some mixed reactions on the announcement which was made earlier this year. The stance that both banks have is based on the decentralized cryptocurrencies. At many points, the executives have issued warnings about the dangers of using innovations and the control of the fiat-based financial system. Wells Fargo made it to the headlines after it confirmed it was refusing to allow some of the domestic banking customers to use cryptocurrencies and conduct crypto-related transactions. One of the officials of the bank pointed out:
“Unfortunately, Wells Fargo does not allow transactions involving cryptocurrency. As a result of the increasing digitization of banking services globally, we see a growing demand to further reduce friction regarding traditional borders, and today’s technology puts us in a strong position to do that.’’As per the announcement in the coming altcoin news, the governments and central banks are still drawing lines as to what the iterations of cryptocurrency are acceptable. Facebook’s Libra crypto project is also set to release in 2020 so a lot of interesting crypto projects are preparing for next year.
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