Tether Launches Chinese Yuan-Pegged Stablecoin on the Ethereum Blockchain
Tether has launched its Chinese yuan-backed stablecoin, which it revealed will run on the ethereum blockchain as an ERC-20 token.
With historical data suggesting an intermittent correlation, bitcoin traders may do well to keep an eye on the ongoing slide in the yuan, analysts say.
The People's Bank of China said several important processes in the development of the digital yuan were "almost complete."
While the yuan weakens against the U.S. dollar, Coinbase makes an acquisition to grow its institutional trading infrastructure. It's another episode of CoinDesk's the Markets Daily podcast.
China's proposed digital yuan should strike a balance between protecting privacy and regulatory enforcement, a central bank official said.
Facebook reportedly included the Singapore dollar but not the Chinese yuan in an updated list of currencies meant to back the Libra stablecoin.