Tether CNH

Tether wound this one down. Launched in 2019 as a digital stand-in for the offshore Chinese yuan, CNHT was meant to give traders a token tracking the currency's value outside mainland China. It never found an audience. Liquidity and demand stayed thin next to Tether's flagship dollar token, and in February 2026 the company halted all new minting on Ethereum and Tron and told holders to redeem, opening a one-year window that closes in early 2027. Treat it as a closed chapter rather than a live instrument: any remaining tokens are being unwound, and the price will not be reliably supported once redemptions end. The episode underlines how stablecoin liquidity concentrates around a handful of dollar names, leaving non-dollar and offshore experiments starved of the volume they need to survive.