CNYX is a USDT backed Stablecoin, supported by Gate.io’s Deposit Fund (20,000 ETH total)
Recently, Tether launched a new stablecoin named CNHT, which is pegged to the CNH (Offshore Chinese Yuan) and is supported by Bitfinex with multiple trading pairs. To facilitate more efficient conversions and to introduce an additional stable asset to the CNYX peg, Gate.io will adjust the pegging mechanism to CNYX. The CNYX will be pegged 1:1 against the CNHT.
Gate.io will acquire a sufficient amount of CNHT from Tether to support the peg, and will launch the deposit and withdrawal service of CNYX. When a user withdraws CNYX to the blockchain from Gate.io, the will automatically transfer CNYX to CNHT based on the 1:1 ratio; whereas when the user deposits CNHT from the blockchain to Gate.io, the will automatically transfer CNHT to CNYX and store the token in the user’s account.
Please note that since the Stablecoin Conversion Symbol is backed by stablecoins, when the stablecoins generate a premium or discount against the Fiat currency due to market volatilities, the Stablecoin Conversion Symbol will also do the same (i.e. the price against Fiat fluctuates around 1.0 in C2C markets).
To further ensure the stability of the Stablecoin Conversion Symbol, Gate.io has previously contributed 20,000 ETH as the benchmark deposit for CNYX. When the price of a stable coin (i.e. USDT) sees severe decreases, Gate.io will use the deposit to support the exchange rate of the Stablecoin Conversion Symbol.
The benchmark deposit still applies to the CNYX with the new pegging mechanism. If the price of CNHT against Fiat decreases over 10%, Gate.io will suspend the deposit of CNHT and use the benchmark deposit to support the exchange rate accordingly.
The new CNYX anchoring will be applied from UTC 16:00, October 27, 2019. Users of CNYX C2C markets and Fiat C2C markets, please be aware of the possible price change caused by the adjustment. The CNYX (CNHT) deposit and withdrawal services will also be available at the same time.
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Oct.21, 2019
