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China Debuts AxCNH in Kazakhstan: Offshore Yuan Stablecoin Signals A Push Into Cross-Border Finance
On September 17, 2025, Kazakhstan became the site of a landmark development in the world of digital finance: the launch of AxCNH, the first regulated offshore stablecoin tied to the Chinese yuan (specifically, the offshore yuan, known as CNH). Developed by AnchorX, a Hong Kong‐based fintech, and built on technology from Conflux, a Chinese‐backed blockchain infrastructure, AxCNH marks a new chapter in China’s efforts...