- Goldstream Investment announced plans with AnchorX to develop an offshore stablecoin based on the Chinese yuan.
- Goldstream’s stock price rose over 650% after the announcement, despite a similar announcement in February.
- AnchorX is based in Hong Kong and has a license from Astana, Kazakhstan, but Hong Kong itself has not yet issued stablecoin licenses.
- The Beijing Internet Finance Industry Association warned the public about speculative investment activity around stablecoins.
- AnchorX has links to Conflux, a blockchain platform that previously claimed affiliation with the Chinese government.
Goldstream Investment, a Hong Kong-listed company, announced a partnership with Hong Kong-based stablecoin issuer AnchorX on Monday. The collaboration will explore the creation of an offshore stablecoin tied to the Chinese yuan, known as AxCNH. The project aims to facilitate international payments and encourage the use of the Chinese currency outside mainland China.
Following the announcement, the parent company’s stock price surged over 650%. Goldstream is a subsidiary of China’s Hony Capital. Despite this, a similar partnership between AnchorX and Hony Capital was first revealed in February.
AnchorX operates from Hong Kong but currently uses a stablecoin license from Astana, Kazakhstan, for its activities. Hong Kong has not yet issued any licenses specific to stablecoin issuers. AnchorX is connected with Conflux, a public blockchain that has previously claimed regulation and association with the Chinese government. These claims have drawn skepticism due to the Chinese government’s cautious stance on public blockchains and cryptocurrencies. AnchorX has also worked with China Telecom on a web3 SIM card project.
The announcement comes during increased interest in stablecoins in China, particularly after the successful public offering of stablecoin firm Circle, whose stock recently climbed past $200 from an initial listing of $31.
The Beijing Internet Finance Industry Association separately warned that some companies use public uncertainty and hype around stablecoins to attract speculative investments. The association stated in a public alert that such firms may be “promising high returns and inducing the public to invest funds to participate in trading speculation.”
If offshore yuan stablecoins are issued, it is likely that the Chinese government will expect Hong Kong authorities to closely monitor these activities. For further details, information about the Goldstream-AnchorX announcement and stock movement can be found at this external source.
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