The first offshore RMB stablecoin—AxCNH has officially launched on exchanges. When it comes to stablecoins, the first thing that comes to mind for most people is the USD-based ones: USDT, USDC… Other fiat stablecoins? They hardly have any presence. The future may be different. The first offshore RMB stablecoin—AxCNH, co-incubated by Hongyi Investment and Conflux (@Conflux_Network), has officially launched on the decentralized exchange Swappi (@SwappiDEX). 1⃣ Background & Positioning • Led by AnchorX (official website: Wang), backed by traditional financial giant Hongyi Investment, and supported by the compliant public chain technology of Conflux; • The positioning of AxCNH is clear: to provide a stable and transparent digital RMB tool for cross-border payments and "Belt and Road" trade settlements; • AxCNH is pegged 1:1 to offshore RMB (CNH), with reserves that are auditable, and has already received principle approval from Kazakhstan's AFSA regulatory authority. 2⃣ Technology & Compliance • AxCNH is issued on Conflux eSpace (EVM compatible), which is Conflux's ecosystem aimed at overseas markets; • Conflux is the only compliant public chain in the country that can support the launch of RMB stablecoins; • Currently, there are 300,000 units in circulation, contract address: 0x70bfd7f7eadf9b9827541272589a6b2bb760ae2e; • Exchanges that have already listed it: DEX: Swappi ( CEX: ATAIX Eurasia (no liquidity yet). 3⃣ Strategic Cooperation • AnchorX has already established strategic cooperation with Shanghai Lingang Cross-border Digital Technology and Dongxin Peace; • In the future, it will combine hardware innovations like BSIM blockchain SIM cards to make it easier for users to manage digital assets like AxCNH. 4⃣ Comparison & Significance • There was previously an attempt by Trust Reserve in collaboration with Conflux and Kucoin to issue CNHC (also pegged to RMB), but it was halted before its launch in 2023; • The successful launch of AxCNH can be seen as a result of the synergy of compliance, policy, and technology, which is quite challenging; • It allows the RMB stablecoin to truly enter the international crypto market, with the potential to break the single narrative of "stablecoin = USD." Whether AxCNH can scale in cross-border payments and trade settlements in the future still requires time, but this step is already crucial. #Conflux #AnchorX #AxCNH #Swappi #stablecoin