AnchorX is set to launch AxCNH in Kazakhstan – a stablecoin pegged to the offshore Chinese yuan (CNH). AxCNH aims to streamline cross-border payments between offshore Chinese companies and trading partners involved in the "One Belt, One Road" initiative, including Kazakhstan.
Each AxCNH unit will be fully backed by equivalent reserves of CNH, held in separate custodial accounts at regulated financial institutions. According to the company, this ensures secure and transparent transactions, as well as the ability to exchange at a 1:1 ratio. The initial release of AxCNH will take place on the Conflux blockchain platform.
Stablecoins are cryptocurrencies whose value is tied to stable assets (currencies, precious metals, other cryptocurrencies). The primary goal of stablecoins is to reduce the volatility typical of conventional cryptocurrencies. They can be used for quick transactions without intermediaries.