China Launches AxCNH Stablecoin in Bid to Challenge Dollar Dominance

Hong Kong fintech firm AnсhorX has introduced AxCNH, a stablecoin tied to the offshore Chinese Yuan (CNH), marking its entry into the growing global race to develop alternatives to dollar-backed digital currencies. 

Key points:

• AnchorX launched AxCNH, a stablecoin pegged to the offshore Chinese yuan, to support cross-border payments and trade.
• The company partnered with Zoomlion, Lenovo, and Conflux and listed AxCNH on Kazakhstan’s ATAIX exchange.
• Stablecoins are emerging as tools of economic influence, with China aiming to reduce reliance on the US dollar through AxCNH

AnchorX unveiled the launch of its yuan-pegged stablecoin, AxCNH, during the 10th Belt and Road Summit in Hong Kong, according to Reuters. The fintech, which recently became the first to secure a stablecoin license from Kazakhstan’s Astana Financial Services Authority (AFSA), also signed a Memorandum of Undеrstanding with Zoomlion, Lenovo, China Chrilliant Global, ATAIX, and Conflux to explore AxCNH’s use in cross-border payments, trade settlements, digital asset trading, and real-world asset tokenization.

The AxCNH stablecoin is intended to streamline cross-border payments and settlements, with a focus on serving offshore Chinese businesses and nations participating in the Belt and Road Initiative (BRI).

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AnchorX and Zoomlion have completed pilot transactions of AxCNH on the Conflux blockchain, Reuters reported. The two firms plan to expand their collaboration to strengthen cross-border payment capabilities, aiming to help Zoomlion and its Belt and Road partners settle transactions more efficiently and at lower cost.

Additionally, AnchorX signed a listing deal with Kazakhstan-based crypto exchange ATAIX Eurasia and launched AxCNH on the Conflux blockchain, where its first trials were conducted. The stablecoin will debut on ATAIX with two trading pairs, AxCNH:KZT and AxCNH:USDT, though access will initially be restricted to professional clients.

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For governments, stablecoins represent more than just a financial innovation, they are becoming instruments of economic influence. By issuing or supporting digital tokens tied to national currencies, states can stimulate international demand for their money, reduce reliance on the U.S. dollar, and create new tools to manage inflation.

What began with private firms like Tether and Circle has now evolved into a global contest, where sovereign nations are racing to digitize their currencies. From China’s digital yuan to experiments in Europe, the Middle East, and now Asia-Pacific, the push emphasizes how stablecoins are increasingly viewed as a matter of monetary sovereignty and competitiveness.

For countries participating in the BRI, such tools could redefine trade flows, giving them greater efficiency, transparency, and independence in settlement systems.

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MICHAELA

Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is the official publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.