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The world’s largest stablecoin issuer, Tether, has announced a significant change to its product portfolio, stating that it will discontinue support for its offshore yuan-pegged stablecoin, CNHT. The company cited changing market conditions and limited demand, explaining that the product is no longer sustainable. According to Tether’s official statement, the minting of new CNHT tokens has been halted immediately, while redemption support will be fully terminated according to a defined timeline.
New CNHT Minting Halted
Tether confirmed that the issuance of new CNHT tokens has been stopped with immediate effect. This marks the first step in the gradual wind-down process of the product. The company also announced that one year from the date of the announcement, CNHT redemption (buyback) support will be completely discontinued. During this transition period, users will receive reminders to withdraw or redeem their holdings. Tether emphasized that the process will be carried out transparently and in a structured manner to prevent inconvenience to CNHT holders.
In its statement, Tether explained that the decision was driven by evolving market conditions and the limited adoption of CNHT. The company noted that the scale of CNHT usage no longer justifies the allocation of operational resources required to maintain its high standards across all products. As a result, resources will be redirected toward products demonstrating stronger and more organic adoption.
Two-Phase Shutdown Process
Tether outlined a two-stage plan for discontinuing CNHT support:
- Phase One: New CNHT token minting has been fully stopped.
- Phase Two: One year after the announcement, CNHT redemption support will be permanently terminated.
Throughout this one-year period, CNHT will remain redeemable under Tether’s standard terms of service. However, the company recommends that users redeem their holdings as soon as possible.
Focus Shifts to Core Products
Going forward, Tether stated that it will concentrate on its core stablecoin offerings with stronger liquidity—particularly Tether (USDT)—as well as tokenization infrastructure and digital financial solutions. The company emphasized that developing sustainable, high-liquidity financial instruments for a global user base will remain a strategic priority. Tether’s decision to discontinue CNHT is seen as part of a broader strategy to optimize its product portfolio and focus on high-demand, scalable offerings. As competition in the stablecoin market intensifies, Tether’s shift toward stronger and more widely adopted products is expected to play a key role in shaping its next phase of growth.
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