China's blockchain infrastructure output, the world's first compliant offshore RMB stablecoin project launched
On August 14th, the world's first compliant offshore RMB stablecoin, AxCNH, was quietly launched on the Kazakhstan Stock Exchange. This is a major breakthrough in the integration of Chinese blockchain technology and the Kazakhstan financial system, which is not only the output of China's blockchain infrastructure but also marks the penetration of RMB internationalization from traditional finance to the field of digital assets.
The first project
In 2023, AnchorX, which specializes in stablecoin track, was established in Hong Kong. As Hong Kong's regulatory framework is not yet perfect, AnchorX took the lead in deploying overseas, with Kazakhstan becoming its first stop.
On February 24, the Astana Financial Services Authority (AFSA), Kazakhstan's financial regulator, approved in principle AnchorX to carry out currency services related to digital assets, especially as an issuer of legal stablecoins.
In May, AnchorX obtained formal approval to launch a stablecoin pegged to offshore RMB. This is the first official license related to stablecoins issued in the country, and to some extent, it is also the first offshore RMB stablecoin project to be launched and officially recognized by a foreign country, until it was quietly launched yesterday.
AxCNH adopts a 1:1 reserve system,托管于哈萨克斯坦阿斯塔纳金融服务管理局（AFSA）监管的银行，满足FATF反洗钱（AML）和KYC要求，成为全球合规稳定币的监管范本.
Overwhelming advantage
Kazakhstan is a gateway to Central Asia and Eurasia, and China is its largest trading partner. "In the past two or three years, the annual growth of China-Kazakhstan bilateral trade has been around 20%-30%, which provides real and sustainable application scenarios for AxCNH stablecoin," said Hill Wang, founder of AxCNH in an interview. AxCNH's company in Kazakhstan needs five to six days to transfer money across borders using the current SWIFT settlement system, and it may take longer on weekends. In this case, stablecoins show an overwhelming advantage in cross-border settlement efficiency. AxCNH stablecoin supports settlement in 150 countries and will be first applied to energy trade settlement such as crude oil and uranium from China and Kazakhstan. It is expected to reduce exchange losses by about 120 million US dollars per year and reduce transaction costs by 30%. In the future, it may be extended to countries along the "Belt and Road", forming a trillion-level offshore RMB fund pool.
