Here’s what happened in crypto today

Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

Today in crypto, the first regulated China stablecoin launches as global stablecoin race heats up, Nasdaq-listed Flora Growth will rebrand to ZeroStack after raising $401 million to support 0G. Meanwhile, the Changpeng Zhao-backed YZi Labs grows stake in stablecoin issuer Ethena.

The first stablecoin pegged to the Chinese yuan (CNH) launched this week, as competition from sovereign governments to claim a piece of the stablecoin market mounts.

Financial technology company AnchorX debuted its AxCNH yuan-pegged stablecoin on Wednesday at the Belt and Road Summit in Hong Kong. The token is meant for international transactions and not for domestic use on the Chinese mainland.

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