Kazakhstan's AnchorX launches the offshore RMB stablecoin AxCNH in Hong Kong, supporting the Belt and Road Initiative.

Kazakhstan stablecoin issuer AnchorX recently announced the launch of the world's first stablecoin AxCNH, which is officially licensed by Kazakhstan and pegged to offshore renminbi (CNH), at the "10th Belt and Road Summit" held in Hong Kong. This new coin is aimed at applications such as cross-border payments, trade settlement, digital asset trading, and RWA, and AnchorX has also signed memorandums of cooperation with several international companies.

Offshore Renminbi stablecoin AxCNH makes its debut

According to reports, this summit is co-hosted by the Hong Kong SAR Government and the Hong Kong Trade Development Council, becoming the global launch platform for AxCNH. AnchorX, originating from Central Asia, is the first company to obtain a stablecoin license issued by the Astana Financial Services Authority (AFSA) in Kazakhstan. The newly launched AxCNH is pegged to the offshore RMB, aiming to become a new tool for cross-border payment and Settlement.

AnchorX also signed multiple memorandums of cooperation at this summit with Zoomlion (, Lenovo ), China Brilliant Global (, ATAIX Eurasia from Kazakhstan, and the Chinese public chain Conflux, to jointly expand the application of AxCNH in international trade payment and Settlement, digital asset trading, and RWA among other applications.

China's trade with the Belt and Road Initiative reached 3.1 trillion USD, AxCNH helps reduce Settlement costs.

Trade between China and countries along the Belt and Road Initiative continues to heat up. In 2024, the total trade volume with these countries reached 22.1 trillion yuan ), approximately 3.1 trillion US dollars (, accounting for 50.3% of China's total trade volume.

The launch of AxCNH perfectly meets the growing demand for cross-border Settlement, which is expected to help companies reduce the risks brought by exchange rate fluctuations, while also decreasing the costs of cross-border transactions and Settlement, benefiting countries along the Belt and Road Initiative and Chinese enterprises.

What is offshore RMB, and what is the difference from onshore RMB?

Offshore Renminbi )Offshore Renminbi, CNH(

First of all, CNH refers to the Renminbi that circulates outside of China, such as in Hong Kong, Singapore, London, and other places. The exchange rate is determined by the international market, characterized by greater freedom, allowing for direct cross-border, foreign exchange transactions and international investments. Therefore:

"If an investor opens a Renminbi account in Hong Kong or buys and sells Renminbi in an international bank, that is CNH."

Onshore Renminbi )Onshore Renminbi, CNY(

CNY is the renminbi circulating within China, regulated by the )People’s Bank of China, PBOC(, and the exchange rate is determined by that bank. In other words:

"As long as the investor's RMB deposited in banks in Beijing, Shanghai, Shenzhen, etc., and the RMB in the local company account in China, all belong to CNY."

AnchorX and Zoomlion are the first to pilot, reducing settlement costs.

Among them, AnchorX has taken the lead in launching the pilot program for AxCNH with the well-known Chinese engineering machinery manufacturer Zoomlion. The two companies have currently completed transaction testing for AxCNH on the Conflux public blockchain and continue to strengthen their cooperation to improve cross-border payment efficiency, assist Zoomlion and other Belt and Road partners in further reducing Settlement costs, and accelerate capital flow.

List AxCNH:KZT and AxCNH:USDT on ATAIX

Not only that, AnchorX has also signed a contract with the licensed exchange ATAIX Eurasia in Kazakhstan, where AxCNH will be provided to exchange users with two trading pairs: "AxCNH:KZT" and "AxCNH:USDT". At the same time, AxCNH has also completed its deployment and preliminary testing on the Conflux public blockchain, laying a technical foundation for larger-scale applications in the future.

) Note: Tenge KZT, the currency of Kazakhstan. (

) China considers launching a yuan stablecoin: focusing on cross-border trade payments, avoiding the expansion of dollar hegemony (

This article discusses the launch of the offshore RMB stablecoin AxCNH by Kazakhstan's AnchorX in Hong Kong, contributing to the Belt and Road Initiative, first appearing in Chain News ABMedia.