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AxCNH: China’s First Offshore Yuan-Pegged Stablecoin
Pulse of the market
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China launched the world’s first regulated offshore yuan-pegged stablecoin, AxCNH, with approval from Kazakhstan’s financial authorities.
Yang Guang, CTO of Conflux, said the blockchain project helped power the launch. AxCNH aims to:
Internationalize the yuan
Improve cross-border payments for Belt and Road Initiative (BRI) countries
Reduce reliance on dollar-based transactions
Industry insiders note that China likely influences AxCNH’s issuer, AnchorX, highlighting government-backed fintech innovation.
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AxCNH marks a big step in yuan internationalization, giving BRI countries a blockchain payment rail.
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Positioning as a dollar alternative makes AxCNH a major geopolitical play, not just a stablecoin.
