Tether ends CNH₾ stablecoin with immediate halt to new issuance and one-year redemption phaseout

Tether announced on February 21, 2026 that it has stopped minting its offshore Chinese yuan-pegged stablecoin CNH₾ and will phase out redemptions over the next year. The firm cited persistently low demand for CNH₾ versus its other tokens, even as market data show USDT supply has slipped by about $1.5 billion in February to under $184 billion. During the transition, CNH₾ holders may continue to redeem under Tether's existing terms until the final cutoff date.