Tether to Discontinue CNHT Amid China’s Regulatory Crackdown

Following a regulator warning from China, Tether halts CNHT minting and offers one-year redemptions; CNHT has 20.5M supply and $2.97M cap, while USDT is dominant at ~59%.

Rich by Coin

2026-02-22

Tether announced it will discontinue its yuan-pegged stablecoin CNHT following a regulatory warning from China. The firm will stop minting new CNHT tokens immediately and allow redemptions for one year. The decision follows a ban on unapproved yuan-pegged stablecoins and tokenized real-world assets (RWA) news by Chinese regulators, including the People’s Bank of China. CNHT currently has a circulating supply of 20.5 million tokens and a market cap of $2.97 million.

USDT remains the largest stablecoin issuer, with about 59% of the market share. New token listings in China now face stricter compliance hurdles. In line with its plan to sunset CNH₮, Tether has now said that it will immediately stop issuing new tokens. The company stated that this decision is based on the evaluation of community interest and adoption.

Defillama data shows that Tether Yuan currently has a circulating supply of 20.5 million tokens with a market cap of $2.97 million. This reflects the stablecoin’s failure to catch on since its launch in 2019. The firm itself acknowledged the minimal interest in the CNHT stablecoin, noting that it has failed to gain adoption. It wrote: “This decision reflects evolving market conditions, low interest in the product, and limited sustained community demand for CNH₮ relative to other supported assets.”