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China’s AxCNH Stablecoin Enters Race Against U.S. Dollar Tokens for $300B Market
China’s AxCNH Stablecoin Enters Race Against U.S. Dollar Tokens for $300B Market
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BTCCSquare news:
Hong Kong has become the unlikely staging ground for China's re-entry into the cryptocurrency arena with the launch of AxCNH, the world's first offshore yuan-pegged stablecoin. Developed by AnchorX and licensed by Kazakhstan's AFSA, this move signals a strategic pivot toward blockchain-based cross-border settlements amid China's broader Belt and Road Initiative ambitions.
The stablecoin landscape is heating up globally, with South Korea's BDACS recently introducing KRW1—a won-denominated counterpart. What makes AxCNH noteworthy isn't just its yuan peg, but its corporate alliances with heavyweights like Lenovo and Conflux, suggesting aspirations beyond mere currency digitization into areas like trade finance and asset tokenization.
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