The first regulated stablecoin pegged to the offshore Chinese yuan, AxCNH, has launched in Kazakhstan. The move is part of China’s effort to utilize blockchain to streamline cross-border trade and reduce its reliance on the U.S. dollar, according to Yang Guang, chief technology officer of China’s state-owned blockchain network, Conflux, as reported by Reuters.
On Sept. 17, 2025, Hong Kong-based fintech firm AnchorX, powered by Conflux, received a license from the Astana Financial Services Authority in Kazakhstan.
Guang said that China, as a major power, cannot miss out on any promising technology and will invest across all areas, including blockchain.
While China has long sought to elevate the yuan as a global currency, strict capital controls have hindered its progress. In this context, stablecoins — cryptocurrencies tied to a fixed value — could help advance that goal, and Beijing is now exploring them to promote wider adoption of the yuan.
AnchorX said on its website that the new yuan-backed stablecoin provides a cost-effective and efficient payment option. The company states that AxCNH will facilitate faster, more reliable and less expensive cross-border transactions between Belt and Road Initiative countries and offshore Chinese companies compared to traditional systems.
Notably, last week, Kazakhstan launched its first tenge-pegged stablecoin for use in cryptocurrency exchanges and crypto card payments.
