AxCNH: China’s First Offshore Yuan-Pegged Stablecoin

[kevin1]

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.

[Nahid10]

AxCNH marks a big step in yuan internationalization, giving BRI countries a blockchain payment rail.

[kelson10]

Positioning as a dollar alternative makes AxCNH a major geopolitical play, not just a stablecoin.