China Debuts Offshore Yuan Stablecoin In Kazakhstan

Kazakhstan has become home to the world’s first regulated offshore yuan stablecoin, AxCNH, launched by AnchorX and powered by Conflux.

The token, pegged to the offshore Chinese yuan, debuted on September 17 after securing a license in Kazakhstan.

Yang Guang of Conflux said the launch, though low-profile, could spark a “butterfly effect” in reshaping cross-border trade.

The move reflects Beijing’s ambition to promote yuan internationalization through blockchain while chipping away at the dollar’s dominance.

Offshore issuance does not require direct approval from China’s central bank.

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