The digital asset will be pegged 1:1 to Offshore Chinese Yuan, offering a new trading option for Tron’s tens of millions of users.
TCNH is pegged to Offshore Chinese Yuan (CNH) at a 1:1 ratio. Offshore currencies are stored and traded outside the issuing country and are often used as foreign exchange reserves, or for international investments or settlements. They are also not subject to the issuing country’s financial regulations.
TrueUSD’s director of marketing and business development, Annabel Gan, pointed to the emergence of financial markets such as Hong Kong as global hubs for digital currencies, noting that TrueUSD’s products are “constantly evolving.” She added that “We believe that TCNH will further cement our leading position in digital currency infrastructure and contribute to our effort of building a trustworthy and decentralized global payment network.”
Connecting crypto to the real world
TrueUSD’s TCNH offers another stablecoin option for tens of millions of global users at Tron, who can obtain, hold, and trade the token on the Tron blockchain.
Archblock (formerly TrustToken) COO and CFO Alex de Lorraine noted “With TCNH we now are able to offer businesses and individuals outside of Mainland China the ability to use a tokenized version of one of the world’s most important currencies for international payments.”
Tron founder Justin Sun said that, “I believe that TCNH is a model for compliant and robust offshore stablecoins.” He added that the launch of TCNH will further enhance TrueUSD’s stablecoin portfolio on major blockchains such as Tron, and add to the foundation for future offshore stablecoin offerings.
In a statement accompanying the announcement, TrueUSD highlighted that the launch of TCNH would help further its mission to digitize fiat currencies and connect the world of cryptocurrency with the existing financial system.
TrueUSD claims to be the first digital asset with live on-chain attestations by independent third-party institutions, backed 1:1 with USD. It has been listed on over 100 trading platforms including Binance, Huobi, and Poloniex.
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