Stablecoin TrueUSD (TUSD) platform has announced the launch of its newest stablecoin, TCNH, in throne blockchain.
TCNH is pegged to the offshore Chinese Yuan (CNH) at a ratio of 1:1. Foreign currencies are stored and traded outside the country of issue and are often used as foreign exchange reserves, investments or international settlements. Nor are they subject to the financial regulations of the issuing country.
Noting the emergence of financial markets such as Hong Kong as global hubs for digital currencies, TrueUSD’s Director of Marketing and Business Development Annabelle Gann said TrueUSD’s products are “constantly evolving”. “We believe that TCNH will consolidate our leading position in the digital currency infrastructure and contribute to our efforts to build a reliable and decentralized global payment network,” she added.
Connecting cryptography to the real world
TrueUSD’s TCNH offers another stablecoin option for tens of millions of global users on Tron, who can acquire, hold and trade tokens on the Tron blockchain.
Archblock (formerly TrustToken) Chief Operating Officer and CFO Alex de Lorraine noted, “With TCNH, we can now offer businesses and individuals outside of China the ability to use a token issuance of one of the world’s most important currencies for international payments.”
“I think TCNH is a model for compatible and strong stablecoins abroad,” said Tron founder Justin Sun. He added that the launch of TCNH will bolster the TrueUSD stablecoin wallet on major blockchains such as Tron, and add to the foundation for future offshore stablecoin offerings.
In a statement accompanying the announcement, TrueUSD confirmed that the launch of TCNH will help further its mission to digitize fiat currencies and connect the world of cryptocurrency to the existing financial system.
TrueUSD claims to be the first digital asset with on-chain certificates from independent third-party institutions, backed 1:1 in USD. It is listed on over 100 exchanges including Binance, Huobi, and Poloniex.
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