Tether stops issuing CNH tokens and sets a redemption deadline

The offshore-yuan stablecoin enters a two-stage wind-down.

Capvise MediaEvent 20 Feb 2026Published 15 Oct 20261 min read

A Chinese 100-yuan banknote issued in 1944. — Photo: A 1944 Chinese yuan note from the Auckland Museum collection; historic currency context, not modern offshore yuan or a Tether token. Credit: Auckland Museum (photographed/catalogued by Fæ); Banknote (AM 607534-3).jpg; CC BY 4.0; cropped/resized and converted to WebP. · CC BY 4.0 · Resized for web delivery

The announcement

Tether stopped new issuance of its offshore-yuan stablecoin CNH₮ on 20 February. It said redemption support would end one year after the announcement, with another reminder before the deadline. Existing holders were encouraged to redeem through the usual process, subject to Tether’s terms.

The company cited low interest, limited sustained demand and the operational cost of maintaining the asset. Stopping minting and ending redemption are different steps: the first took effect immediately, while the second was scheduled for February 2027. The notice concerns CNH₮ specifically. It should not be read as a wind-down of USDT or the company’s other products.