- China‘s first regulated offshore yuan-pegged stablecoin, axCNH, was launched on September 17, 2025, at the Belt and Road Summit in Hong Kong.
- axCNH aims to boost yuan use in global trade and challenge the dominance of U.S. dollar-backed stablecoins.
- The stablecoin is fully backed by cash deposits or government debt and is licensed by Kazakhstan’s Astana Financial Services Authority.
- AnchorX, axCNH’s operator, partnered with major companies such as Zoomlion, Lenovo, and Conflux to explore cross-border payment solutions.
- axCNH is expected to reduce international settlement costs by over 30% compared to traditional banking.
AnchorX launched the axCNH stablecoin on September 17, 2025, during the 10th Belt and Road Summit in Hong Kong. The digital token, pegged to the Chinese yuan and approved by Kazakhstan’s Astana Financial Services Authority, marks China’s first licensed offshore yuan-pegged digital asset. The stablecoin was developed to help promote yuan use in cross-border payments, especially among countries involved in the Belt and Road Initiative.
axCNH is structured as an overcollateralized token, fully backed by fiat currency deposits or government bonds held by custodians. According to AnchorX, this setup matches the approach of other regional stablecoins, such as South Korea’s KRW1. “AxCNH brings the Chinese yuan into the global digital landscape,” a company representative stated. The company also reports that this model ensures holders can redeem the stablecoin for its equivalent value in yuan at any time.
AnchorX has established partnerships and signed agreements with several major corporations—including Zoomlion, Lenovo, China Brilliant Global, ATAIX, and Conflux—to test and deploy axCNH in real-world business cases. Zoomlion conducted cross-border payment trials using axCNH on the Conflux blockchain, seeking to simplify and lower the cost of international settlement.
The stablecoin is now available for trading on ATAIX Eurasia for conversions between axCNH, Kazakhstani tenge, and Tether (USDT). These moves come as China seeks to support international demand for its currency and present an alternative to dollar-based stablecoins in the $300 billion global stablecoin market.
According to Russian presidential adviser Anton Kobyakov, “The US government is attempting to offset its $37 trillion debt with stablecoins and Gold to boost confidence in the declining US dollar.” Analysts expect that using axCNH could lower international payment fees by more than 30% compared to those charged by traditional banks.
For more details on the launch, visit Reuters. Additional background on South Korea’s stablecoin can be found in the BDACS whitepaper.
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