Stablecoin issuance by sovereign and private entities has reached a new milestone with the introduction of AxCNH, the first regulated blockchain token pegged to the offshore Chinese yuan (CNH). AnchorX unveiled AxCNH at the Belt and Road Summit in Hong Kong to facilitate cross-border trade among countries participating in China’s infrastructure and maritime connectivity initiative. The stablecoin is fully collateralized through on-deposit CNH reserves and Chinese government debt instruments held by a licensed custodian.
In parallel, BDACS deployed KRW1, a South Korean won-pegged stablecoin designed for seamless settlement in regional trade corridors. Both tokens adopt overcollateralization models to ensure 1 : 1 backing and maintain value stability. Regulatory authorities in China have signaled approval for CNH stablecoin pilots, viewing tokenized fiat as a tool to enhance international usage of local currency and counterbalance dollar-denominated payment networks.
The launches underscore a strategic shift in global finance, with nations pursuing tokenized currency mechanisms to expand monetary influence and streamline cross-border transactions. These developments arrive amid rising interest in central bank digital currencies (CBDCs) and competition among international payment rails. AxCNH and KRW1 aim to capture a share of the burgeoning stablecoin market, which supports efficient settlement, programmability, and 24/7 liquidity. Adoption metrics and regulatory clarity will determine their impact on regional trade flows and the future shape of digital finance ecosystems.
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