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China’s CNH Stablecoin Debuts at Belt and Road Summit, Expanding Digital Yuan’s Reach
China’s CNH Stablecoin Debuts at Belt and Road Summit, Expanding Digital Yuan’s Reach
20
3
BTCCSquare news:
AnchorX unveiled AxCNH, the first stablecoin pegged to the international Chinese yuan (CNH), during the Belt and Road Summit in Hong Kong. The launch underscores China’s strategic push into digital currencies, targeting cross-border transactions within the Belt and Road Initiative’s network.
AxCNH is overcollateralized, backed 1:1 by fiat deposits or government debt instruments, ensuring stability for trade partners. Meanwhile, BDACS introduced KRW1, a South Korean won-pegged stablecoin, intensifying competition in the global stablecoin market.
The moves signal accelerating institutional adoption of blockchain-based financial tools, with China leveraging its infrastructure projects to bolster the digital yuan’s influence.
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