Offshore Yuan Stablecoin Launches

[johnblockbuster]

A Kazakhstan-based issuer has launched AxCNH, a stablecoin pegged to the offshore Chinese yuan (CNH), on the Conflux blockchain.

Backed by policy support in China, the project is targeting cross-border trade settlements for Belt and Road Initiative (BRI) partners. China’s trade with BRI nations reached 22.1 trillion yuan (~$3.1T) in 2024.

Key context:

The offshore yuan (CNH) circulates globally, unlike the tightly controlled onshore yuan (CNY).

Hong Kong is the main CNH hub and recently rolled out stablecoin regulations.

While some Chinese firms pushed to issue yuan stablecoins in Hong Kong, others are now stepping back.

Despite speculation, this does not signal Beijing’s approval of stablecoins inside mainland China.

[Nahid10]

Interesting move — CNH stablecoin on Conflux could boost Belt & Road trade efficiency, but still no greenlight for mainland use.

[jacson4]

AxCNH highlights how China leverages offshore yuan for global trade without loosening domestic controls. Smart strategy.

[The_Walking_Dead]

AxCNH launch on Conflux is a big step for cross-border trade . Using offshore yuan keeps flexibility for BRI partners while Beijing maintains control at home. Could become a key tool for expanding China’s financial influence