- AxCNH, the first licensed offshore yuan-pegged stablecoin, will be used for cross-border trade and payments.
- China joins the global race with AxCNH to reduce reliance on dollar-backed stablecoin.
AnchorX, a Hong Kong-based fintech firm, announced the launch of AxCNH, a stablecoin pegged to the offshore Chinese yuan (CNH). AnchorX.KZ becomes the first stablecoin issuer to obtain a license from the Astana International Finance Center (AIFC), the leading financial hub in Central Asia and Eastern Europe.
Since launch, AnchorX has also signed a Memorandum of Understanding with ATAIX and Chinese organizations, including Lenovo and Zoomlion.
AnchorX shared in a statement, “AnchorX, Conflux Network, and TradeGo signed a strategic partnership agreement in Hong Kong. The three parties will deepen cooperation in blockchain, digitalization, and stablecoin settlement for international trade across the Belt and Road region, jointly building an efficient, secure, and compliant trade solution for commodities.”
AxCNH marks a significant milestone as the first offshore Yuan-pegged stablecoin. The digital currency is expected to facilitate cross-border payments and trade settlement in countries involved in the Belt and Road Initiative (BRI).
Pilot transactions between AnchorX and Zoomlion have already been completed on Conflux, showing potential cost and efficiency benefits.
AxCNH will be available for trading on the ATAIX platform in two pairs: AxCNH: KZT and AxCNH: USDT.
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Challenging The Dollar: The Stablecoin Sprint
The launch of AxCNH comes amid a wider global push to counter U.S dollar dominance in digital finance. The passing of the U.S Genius Act has boosted demand for dollar-backed stablecoin, which has prompted other countries, such as Japan and now China, to act.
China is expected to use AxCNH to strengthen Belt and Road trade, while Japan prepares a yen-backed token and the EU accelerates work on a digital euro.
These initiatives show stablecoins evolving into strategic tools of economic influence, where currency-backed tokens are reshaping international payments. The digital currencies are projected to offer countries new ways to assert financial independence beyond the dollar.
