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AnchorX launches neo stablecoin pegged to the yuan in Kazakhstan
AnchorX, a company based in Kazakhstan, has issued AxCNH, a stablecoin pegged to the renminbi (CNY) in the international market (CNH), on the Conflux blockchain. This Token is aimed at payment and transaction purposes for Chinese businesses abroad and partners in the Belt and Road Initiative (BRI), with total trade volume with China reaching 22.1 trillion renminbi (approximately 3.1 trillion USD) in 2024.
However, this move does not mean that Beijing is changing its stance on cryptocurrencies, as trading and mining activities domestically are still prohibited. The CNY in the domestic market (CNY) remains under strict capital controls, while the CNY in the international market (CNH) is used in cross-border trade and payments.