World's First Regulated Offshore Yuan Stablecoin Launched in Kazakhstan
AnchorX, a fintech company, has made history by launching the world's first regulated offshore yuan-linked stablecoin, AxCNH, in Kazakhstan. The stablecoin, which became operational on September 17, is pegged to the offshore Chinese yuan and is expected to revolutionise global cross-border payments. Yahoo Finance reports that the issuance of offshore yuan stablecoins, like AxCNH, does not necessarily require direct approval from China's central bank. However, Beijing supports initiatives that boost cross-border trade. China's government views blockchain technology positively but maintains a careful regulatory approach. The launch of AxCNH aligns with China's exploration of offshore yuan-backed stablecoins to promote wider usage of its currency globally. AnchorX designed AxCNH to provide a cost-effective and efficient payment solution for cross-border transactions. The stablecoin is connected to the Belt and Road Initiative (BRI), aiming to strengthen financial interactions within the network. The Astana Financial Services Authority in Kazakhstan granted approval for AnchorX to issue AxCNH, marking a significant step in the internationalisation of the yuan. Yahoo reports that the launch of AxCNH is seen as a potential long-term game-changer for global cross-border payments. It could become a critical tool in advancing China's international financial agenda, potentially reducing reliance on the US dollar in global digital finance.
