Overview

• AnchorX unveiled AxCNH, the first stablecoin pegged to the offshore yuan (CNH), at the Belt and Road Summit in Hong Kong for cross-border payments.
• BDACS launched KRW1, a stablecoin tied to the South Korean won, one day after AxCNH with a focus on international settlement use.
• Both tokens are described as overcollateralized and fully backed by cash deposits or government bonds to help maintain their pegs.
• AnchorX says AxCNH holds an AFSA license from Kazakhstan, has partnerships with Lenovo, Zoomlion and Conflux, saw test payments by Zoomlion, and is listed on ATAIX Eurasia for professional clients.
• Coverage casts the launches as tools to extend the yuan’s reach in global commerce, with reporting that Beijing is more open to offshore stablecoins even as domestic crypto activity remains tightly controlled.