In late August various crypto media reported that Tether planned to issue a Chinese yuan-backed stablecoin. Bitfinex shareholder Zhao Dong told ChainNews that the stablecoin would be called CNHT and be held in offshore accounts. Zhao also said that his peer-to-peer lending platform, RenrenBit, had invested in the project and on Sept. 9 Tether officially announced the launch of CNHT. At the time Zhao said:
“Personally, I think the offshore yuan stablecoin could boost the circulation of offshore renminbi and internationalize it. Regulators may be happy to see it proceed and succeed.”
Many in the crypto community believe that CNHT might make it easier for investors to enter the crypto space. A yuan-backed stablecoin could also make it easier for blockchain and cryptocurrency companies to raise capital and grow without jumping through cumbersome regulatory hoops.
Some traders believe that Tether printing is directly connected to Bitcoin’s price action and Cointelegraph recently reported on the correlation between the two digital assets. It’s clear that cryptocurrency investors want additional clarity on the topic so Cointelegraph decided to have a chat with RenrenBit CEO, Zhao Dong.
Cointelegraph: Tell us more about your consumer-to-consumer (C2C) lending platform? How does it compare against other decentralized finance (DeFi) platforms like Compound Finance, Celcius, Uphold, BlockFi and DyDx?
Zhao Dong: RenrenBit provides two types of C2C lending and borrowing services: ads posting and order matching, both support multiple selections of digital assets for pledging. There is a 100% reserve certificate and a strict plan for risk management so this means users’ assets are secure and will never be embezzled.
The core competitiveness that makes RenrenBit different from other DeFi platforms is that we adopted a centralized solution, offering asset custody, financial services, and a market with high-liquidity and better user experience.
From our perspective,…