In the context of an increasingly fierce global digital currency competition, China has taken another key step in promoting the internationalization of the renminbi. According to British media Reuters, the world's first regulated offshore renminbi-pegged stablecoin, AxCNH, has officially launched in Kazakhstan. This stablecoin, developed by the Hong Kong fintech company AnchorX, utilizes blockchain technology supported by the Chinese government and was issued after obtaining permission from Kazakhstan, the largest economy in Central Asia. It aims to facilitate cross-border trade, particularly transactions under China's "Belt and Road" initiative. The debut of AxCNH not only demonstrates China's ambition to use blockchain technology for cross-border payments but also signals that the renminbi's position in the global digital economy will be further enhanced.
- AxCNH: The Global Debut of China's Offshore Renminbi Stablecoin
AxCNH is a cryptocurrency pegged to the offshore renminbi (CNH), launched by the Hong Kong-based fintech company AnchorX on September 17.
"Belt and Road" Strategic Pivot: The launch of AxCNH in Kazakhstan is an important component of its "Belt and Road" strategy. Kazakhstan is a participant in the "Belt and Road" initiative, with China as its largest trading partner. AxCNH aims to provide cross-border financial services, focusing on countries along the "Belt and Road" initiative by simplifying cross-border trade and offering an alternative to the traditionally slow and expensive fiat currency system.
Conflux Technology Support: AnchorX adopted Conflux's blockchain technology and issued the stablecoin after obtaining permission from Kazakhstan's financial regulatory authority. Yang Guang, Chief Technology Officer of Conflux based in Shanghai, stated that although the event was low-key, it could create a "butterfly effect" that has the potential to reshape cross-border payments.
Enhancing the Global Influence of the Renminbi: This move indicates China's intention to weaken the dominance of the US dollar in the cryptocurrency space and reflects China's multifaceted efforts to promote the internationalization of the renminbi, which also includes advancing the central bank's digital renminbi. By integrating the CNH stablecoin into the digital economy, China can enhance the renminbi's influence abroad and increase its demand in global markets. Yang Tao, a computer scientist at Tsinghua University, pointed out, "With the growth of US dollar stablecoins, can you imagine a digital world 10 or 20 years from now without a place for the renminbi on the blockchain? Of course not."
- Conflux: China's Blockchain "Business Card" and "Belt and Road" Digital Infrastructure
The successful launch of AxCNH is supported by its underlying technology—the Conflux public blockchain. Conflux, as the only public blockchain in China that meets regulatory requirements, is becoming China's technological business card in the blockchain field.
Tsinghua "Yao Class" Team Development: The Conflux public blockchain is led by the Tsinghua University "Yao Class" team, with Turing Award winner Yao Qizhi serving as Chief Scientist. Its core innovation lies in the Tree-Graph structure consensus algorithm, which significantly enhances performance, achieving processing capabilities 428 times that of Bitcoin and 75 times that of Ethereum.
Compliance Advantages and National Strategy: Conflux is deeply involved in the digital infrastructure of the "Belt and Road" initiative, supporting the internationalization of the renminbi and promoting the application of blockchain technology in the real economy. It has successfully entered the top tier of global public blockchains, with over 25 million users worldwide, covering more than 40 countries and regions, and processing a total of 170 million transactions.
Wide Application Scenarios:
Offshore Renminbi Stablecoin: Conflux, in collaboration with Hong Kong fintech company AnchorX and state-owned enterprise Dongxin He Ping, is promoting the issuance and cross-border payment of offshore renminbi stablecoins (such as CNH) in Central Asia, Southeast Asia, and other "Belt and Road" countries.
BSIM Card: The BSIM card, developed in collaboration with Dongxin He Ping, stores private keys in a mobile SIM card, solving the user private key management problem through hardware-level encryption, becoming a key infrastructure for Web3 access.
RWA (Real World Assets) On-Chain: Conflux has successfully implemented multiple RWA on-chain projects, including the Langxin Technology charging pile project, the GCL-Poly Energy photovoltaic power station project, and the Yarlung Tsangpo River hydropower project.
Technological Upgrades and Strategic Focus: The Conflux public blockchain 3.0 is set to officially launch in August 2025, with performance expected to increase to 15,000 TPS, natively supporting AI agent on-chain calls, EVM compatibility, and RWA batch settlement. In the future, Conflux will continue to innovate technologically, expand application areas, and deepen its global layout, particularly in the global promotion of stablecoins and BSIM cards.
- Stablecoins: The Game of Geopolitical and Financial Influence
The importance of stablecoins in the global economy is becoming increasingly prominent. As sovereign governments strive to digitize fiat currencies, the demand for digital assets is also growing.
Low-Cost, Efficient Cross-Border Payment Tools: Stablecoins are seen as a low-cost, efficient cross-border payment tool and a bridge connecting traditional finance and digital assets.
Undermining the Dominance of the US Dollar: China is intensifying efforts to promote the global use of the renminbi to weaken the dominance of the US dollar in the cryptocurrency space and to respond to the impact of US President Donald Trump's tariff wars and erratic policies on global trade flows and trust in the dollar.
"Positive Outlook": Augustine Fan, Director of Insights at SignalPlus, stated that for China, "the stablecoin initiative is another venue or experiment to promote the use of offshore renminbi," which also indicates that "the government may maintain a positive outlook on the potential of blockchain technology," adding that regulators will take a cautious and prudent approach.
Conclusion:
The debut of China's offshore renminbi stablecoin AxCNH in Kazakhstan marks an important step in the internationalization strategy of the renminbi in the digital currency field. With the strong support of Conflux blockchain technology, AxCNH is expected to provide more efficient and low-cost renminbi settlement channels for countries along the "Belt and Road" initiative, thereby enhancing the renminbi's position in the global digital economy. This not only showcases China's blockchain ambitions in the digital currency field but also reflects the latest manifestation of the global geopolitical and financial influence game.
Related Reading: Hong Kong Stablecoin License Countdown, Bank of China, JD.com, and Ant Group Engage in "Covert Battles"
Original Article: “China's Offshore Renminbi Stablecoin Officially Debuts, AxCNH Launched in Kazakhstan”
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