World's First Regulated Yuan-Linked Stablecoin Launched in Kazakhstan
Hong Kong-based fintech firm AnchorX has launched the world's first regulated offshore yuan-linked stablecoin, AxCNH. This development, operational since September 17, 2023, signals China's growing interest in blockchain technology for international commerce.
AxCNH, pegged to the offshore Chinese yuan, aims to provide a cost-effective and efficient payment solution for cross-border transactions. Experts view its launch as a potential game-changer for global cross-border payments, with long-term effects on international finance.
While China's government maintains a cautious regulatory approach to blockchain, it supports initiatives that boost cross-border trade. Issuing offshore yuan stablecoins, like AxCNH, does not necessarily require direct approval from China's central bank. However, Beijing welcomes such moves that reduce reliance on the US dollar in global digital finance and advance the yuan's internationalisation.
The Belt and Road Initiative (BRI) is expected to benefit from the integration of stablecoin solutions. AxCNH's launch in Kazakhstan, the world's first regulated offshore yuan-linked stablecoin, strengthens financial interactions within the BRI network.
AnchorX's AxCNH, launched in Kazakhstan, marks a significant step in China's exploration of blockchain technology for international commerce. With potential long-term effects on global cross-border payments, this stablecoin could reshape digital finance and support the Belt and Road Initiative.
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