The world's first licensed offshore RMB stablecoin has been unveiled.

In the field of Digital Money, the development of stablecoins has attracted much attention, and governments around the world are exploring the issuance of stablecoins linked to their national currencies to enhance international competitiveness. Recently, fintech company AnchorX launched its stablecoin AxCNH, which is pegged to the offshore renminbi (CNH), at the Belt and Road Summit held in Hong Kong. This is the first licensed offshore renminbi stablecoin, marking an important step for China in the Digital Money field and indicating that global stablecoin competition is becoming increasingly fierce.

The launch of AxCNH comes at a time of shifting regulatory policies in China, allowing stablecoins to be used in international markets. This stablecoin aims to facilitate seamless cross-border payments and settlements between offshore Chinese enterprises and countries along the "Belt and Road" initiative, which is China's flagship project connecting Asia, the Middle East, and Europe through land and maritime trade routes. In 2024 alone, the total trade volume between China and countries along the "Belt and Road" has reached 22.1 trillion yuan, accounting for 50.3% of the country's total trade volume. Given that traditional banking infrastructure is both costly and slow, AxCNH is well-positioned to effectively facilitate payments between these economies.

AnchorX states that AxCNH is a fully collateralized stablecoin, backed by offshore RMB reserves held by regulated custodial banks, enabling 24*7 instant settlement and compliance with anti-money laundering protocols. According to AnchorX's white paper, AxCNH can reduce settlement costs by more than 30% compared to traditional banking systems, thereby accelerating trade circulation between China and Central Asia.

It is noteworthy that the AxCNH stablecoin has received in-principle approval from the Astana Financial Services Authority of Kazakhstan, and AnchorX has also reached a listing agreement with ATAIXEurasia, a leading licensed cryptocurrency exchange in Kazakhstan. Additionally, AxCNH has been deployed on the Conflux China blockchain for preliminary testing. Currently, AxCNH will be traded on the ATAIX platform in the form of two currency pairs: AxCNH:KZT and AxCNH:USDT, for professional clients only.

The currency rooted in the world's second-largest economy, backed by the vast trade network covered by the "Belt and Road" initiative, has Hong Kong as a legal and regulatory guarantee of an international financial center, as well as support from top institutions such as regulated banks. This makes AXCNH not merely a speculative tool from the outset, but a clearly positioned financial infrastructure serving the real economy.

Although AxCNH has many advantages, it also faces some challenges. The capital controls on the Renminbi and its relatively low international acceptance may affect its trustworthiness globally. In addition, AxCNH needs to obtain recognition from regulatory agencies in multiple jurisdictions to ensure its compliance and legal legitimacy. Nevertheless, the launch of AxCNH is still an important step towards the internationalization of the Renminbi and poses a challenge to the long-standing dominance of the US dollar in the global payments space.

With the continuous development of the global Digital Money economy, stablecoins will play an increasingly important role in international trade and finance. By placing their national currencies on the blockchain track, countries can stimulate international demand for their fiat currency, alleviate inflationary pressures caused by currency depreciation, and improve settlement efficiency in trade channels. Stablecoins are no longer just private sector tools for cryptocurrency transactions; they are rapidly becoming tools of geopolitical significance.

In summary, the debut of the first offshore RMB stablecoin AXCNH is a landmark event at the intersection of the cryptocurrency world and geopolitical economy. It not only provides an imaginative solution for global cross-border payments but also adds a significant digital chapter to the narrative of RMB internationalization. This small stablecoin carries immense potential for reshaping the future global trade and financial landscape.