I just saw the news that Tether has stopped issuing CNHT, their stablecoin pegged to the Chinese yuan. The reason is quite clear—after China tightened regulations in February, the ban on yuan-linked stablecoins forced Tether to give up. In fact, CNHT has never been truly popular since its launch in 2019, with only 20.5 million tokens in circulation and a market value of $2.97 million, which is quite funny compared to other stablecoins' sizes.

Interestingly, Tether still allows CNHT holders to redeem within one year, after which the redemption will be completely discontinued. But what really matters is that USDT still dominates the stablecoin market, with currently $189.76 billion in circulation, accounting for nearly 71% of the market share. Circle's USDC only has $77.71 billion, far behind. Even more interesting is Tether's gold-pegged stablecoin XAUT, which is growing rapidly, reaching $2.63 billion, thanks to gold's performance over the past year. So Tether remains the king of stablecoins despite having to abandon the Chinese market.