First Chinese CNH stablecoin debuts as global race heats up

Governments around the world are exploring and launching stablecoins to remain competitive against dollar-pegged digital fiat tokens.

The first regulated stablecoin tied to the international version of the Chinese yuan (CNH) meant for foreign exchange markets, and a South Korean won (KRW) stablecoin launched this week as the global stablecoin race heats up.

Financial technology company AnchorX debuted its AxCNH yuan-pegged stablecoin on Wednesday at the Belt and Road Summit in Hong Kong, according to Reuters, following a regulatory pivot in China embracing stablecoins for international markets.

The stablecoin is meant to facilitate cross-border transactions with countries in the Belt and Road initiative, an infrastructure project building physical roads linking China to the Middle East and Europe, and establishing maritime trade routes with other regions.

Read more