In late August various crypto media reported that Tether planned to issue a Chinese yuan-backed stablecoin. Bitfinex shareholder Zhao Dong told ChainNews that the stablecoin would be called CNHT and be held in offshore accounts. Zhao also said that his peer-to-peer lending platform, RenrenBit, had invested in the project and on Sept. 9 Tether officially announced the launch of CNHT. At the time Zhao said:
Many in the crypto community believe that CNHT might make it easier for investors to enter the crypto space. A yuan-backed stablecoin could also make it easier for blockchain and cryptocurrency companies to raise capital and grow without jumping through cumbersome regulatory hoops.