KuCoin Ventures and Circle Ventures are among the investors in a Chinese offshore yuan-pegged stablecoin that is currently under investigation in China. Here are the most important things to know about this situation:
1. The stablecoin, known as CNHT, was launched by the Singapore-based company, Tether. It is pegged to the offshore yuan, which is not the same as the onshore yuan used within China’s borders.
2. The stablecoin has come under scrutiny from Chinese authorities, who are concerned about its potential impact on the country’s financial system. Reports suggest that the People’s Bank of China (PBOC) is investigating Tether’s operations in the country.
3. KuCoin Ventures and Circle Ventures are two of several investors who have backed Tether’s CNHT stablecoin. Both companies have not yet commented on the situation.
In summary, the involvement of KuCoin Ventures and Circle Ventures in Tether’s CNHT stablecoin is noteworthy given the ongoing investigation by Chinese authorities. It remains to be seen how this situation will unfold and what impact it may have on the stablecoin market as a whole.