Hong Kong-based FinTech company AnchorX issued the stablecoin AxCNH, pegged to the offshore yuan. The asset is designed to facilitate cross-border settlements between companies and countries within China’s Belt and Road Initiative.
AnchorX officially launched AxCNH, the world’s first licensed offshore yuan-pegged (CNH) stablecoin. The presentation took place at the Belt and Road Summit in Hong Kong. The issuance license was granted by the Astana Financial Services Authority (AFSA).
The offshore yuan (CNH) is a version of China’s national currency that circulates outside mainland China, mainly in international financial centers such as Hong Kong, London, and Singapore. Unlike the onshore yuan (CNY), which is regulated by the People’s Bank of China (PBOC) and used domestically, CNH trades freely on global markets and is regulated by market mechanisms.
AxCNH is positioned as a new infrastructure tool for international trade. According to the press release, cross-border settlements within the Belt and Road Initiative reached 22.1 trillion yuan in 2024, accounting for 50.3% of China’s total foreign trade. The introduction of the stablecoin is expected to reduce costs, minimize currency risks, and increase settlement efficiency between China and partner countries. The launch also contributes to the further internationalization of the yuan as a global currency for trade and investment.
The rollout of AxCNH is accompanied by a series of strategic agreements with major corporations and financial institutions. AnchorX signed memoranda of cooperation with Zoomlion, Lenovo, China Brilliant Global, crypto exchange ATAIX, and blockchain platform Conflux.
Particularly notable is the partnership with Zoomlion, one of the world’s leading construction machinery manufacturers operating in over 100 countries. In 2024, Zoomlion’s overseas revenue reached 23.4 billion yuan, accounting for more than 50% of its total income. AnchorX and Zoomlion already conducted successful test transactions in AxCNH using the Conflux blockchain and plan to scale up its use for optimizing international settlements.
Besides, AnchorX signed an agreement to list AxCNH on the licensed exchange ATAIX Eurasia in Kazakhstan. The stablecoin will be traded in pairs with the Kazakhstani tenge (KZT) and the U.S. dollar stablecoin USDT. At the first stage, only professional market participants will have access to trading.
The AxCNH project was first introduced in late July 2025. It’s expected that the asset will be available for cross-border settlements across more than 150 countries engaged in economic cooperation with mainland China.
