Financial technology company AnchorX has announced the debut of its AxCNH yuan-pegged stablecoin, as the global race heats up.
Following this announcement, the first regulated stablecoin was tied to the international version of the CNH meant for foreign exchange markets, and a KRW stablecoin was launched this week as the global stablecoin landscape keeps developing. Financial technology company AnchorX debuted its AxCNH yuan-pegged stablecoin following a regulatory pivot in China embracing stablecoins for international markets.
The stablecoin was developed in order to facilitate cross-border transactions with countries in the Belt and Road initiative, representing an infrastructure project building physical roads linking China to the Middle East and Europe, as well as establishing maritime trade routes with other regions.
More information on China’s CNH stablecoin debut
Among its strategic collaborations, AnchorX has partnered with Zoomlion, a global company specialising in mechanical equipment manufacturing with operations in several countries and a significant presence across BRI regions. AnchorX and Zoomlion have successfully tested AxCNH transactions on the Conflux blockchain network, while also planning to collaborate in order to optimise cross-border payments using AxCNH. This will take place while enabling Zoomlion and its BRI partners to streamline settlements with improved efficiency and reduced costs.
According to Reuters, AnchorX has also secured a listing agreement with ATAIX Eurasia, a leading licensed cryptocurrency exchange in Kazakhstan, and deployed AxCNH on the Conflux blockchain, where the process of initial testing took place.
AxCNH is set to be available for trading on the ATAIX platform in two pairs: AxCNH:KZT and AxCNH:USDT, with access currently limited to professional clients.
As trade between China and BRI countries continues to expand, AnchorX aims to position AxCNH as an important infrastructure tool to improve trade efficiency, reduce exchange rate volatility, and lower transaction costs for enterprises operating across BRI economies, thereby supporting the overall internationalisation of CNH.
