China-Backed Offshore Yuan Stablecoin Debuts in Kazakhstan Under Regulation

• Kazakhstan launches the first regulated offshore Yuan stablecoin through AnchorX.
• Conflux technology powers AxCNH, driving Yuan adoption in cross-border payments. 
• The yuan-backed stablecoin aims to challenge dollar dominance in crypto transactions. 

The world’s first regulated offshore yuan-linked stablecoin has launched in Kazakhstan this month as part of China’s blockchain strategy for international commerce. Reportedly, the cryptocurrency, called AxCNH, went live on September 17 through Hong Kong fintech company AnchorX.

Yang Guang, chief technology officer at Shanghai-based Conflux, stated that the low-key launch could create a “butterfly effect” potentially reshaping cross-border payment systems. Conflux, a Chinese government-backed blockchain network, provided the underlying technology for the stablecoin.

As per Reuters, AnchorX obtained a license from Ka…

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