AxCNH: Offshore Renminbi Stablecoin Empowering Global Trade Settlement

What is AxCNH

Friends, imagine if you want to receive money from a friend in mainland China, or your company needs to do business with countries along the Belt and Road, but you don’t want to be troubled by complicated banking procedures, high fees, and long waiting times—what should you do? AxCNH was created as a “digital bridge” to solve these problems.

Simply put, AxCNH is a digital currency whose value is pegged 1:1 to the offshore Renminbi (CNH) we use in daily life. This means 1 AxCNH will always equal 1 unit of offshore Renminbi. It’s like a special “digital voucher”—holding it is equivalent to holding the same value in offshore Renminbi, and this voucher can circulate and be used 24/7 on the “digital highway” of blockchain.

This project is issued by a fintech company called AnchorX, and has obtained a stablecoin issuance license from the Astana International Financial Centre (AFSA) in Kazakhstan, making it the world’s first officially licensed offshore Renminbi stablecoin.

Who are its main target users? Mainly offshore Chinese enterprises needing cross-border payments and settlements, as well as countries and companies participating in the Belt and Road Initiative. It also aims to play a role in Web3 (the next generation of the internet), decentralized finance (DeFi—financial services without traditional banks), and virtual asset trading.

A typical usage process looks like this: For example, a Chinese company wants to pay a partner along the Belt and Road. It can exchange offshore Renminbi for AxCNH, then quickly and cheaply send it via blockchain. The recipient can choose to hold AxCNH for digital asset trading, or convert it back to local fiat currency.

Project Vision and Value Proposition

AxCNH’s vision is to become Asia’s most trusted digital currency solution provider, dedicated to making global capital flows more reliable and efficient.

The core problems it aims to solve include:

• Inefficient and costly cross-border payments: Traditional international remittances often take days and incur high fees. AxCNH leverages blockchain technology to enable near-instant, low-cost cross-border settlements.
• Exchange rate fluctuation risk: In international trade, exchange rate volatility can cause losses for businesses. As a stablecoin pegged 1:1 to offshore Renminbi, AxCNH helps companies avoid this risk.
• Insufficient traditional financial infrastructure: Especially in some Belt and Road countries, banking systems may be underdeveloped. AxCNH offers a more convenient alternative.

Key differences from similar projects:

• The first licensed offshore Renminbi stablecoin: This is AxCNH’s most notable feature—it leads in compliance, having received official approval from Kazakhstan’s AFSA.
• Transparent and redeemable: Each AxCNH is backed 1:1 by offshore Renminbi reserves, held in segregated accounts at regulated financial institutions, and can be redeemed for fiat at any time at a 1:1 ratio.
• Challenging the dominance of USD stablecoins: The global stablecoin market is currently dominated by USD stablecoins (like USDT, USDC). AxCNH’s emergence is a key step in China’s push for Renminbi internationalization, challenging the USD’s dominance in digital trade.

Technical Features

AxCNH’s core technical feature is that it is a stablecoin—think of it as a special cryptocurrency whose value doesn’t fluctuate wildly like Bitcoin, but is designed to maintain a fixed exchange rate with a traditional currency (here, offshore Renminbi CNH).

Its technical architecture is as follows:

• Reserve backing: Every AxCNH issued is backed by an equivalent amount of offshore Renminbi (CNH) held in segregated accounts at regulated financial institutions. Just as banks need gold reserves to issue banknotes, this ensures AxCNH’s value stability and redeemability.
• Overcollateralized: Some sources mention AxCNH uses an overcollateralized structure, meaning its reserves may exceed the value of stablecoins issued, providing extra security.
• Multi-chain compatibility: AxCNH can operate on multiple blockchain networks, currently known to be compatible with Ethereum, BNB Chain, and Conflux Network. It was initially launched on Conflux’s eSpace. This means you can use it on different “digital highways,” increasing its flexibility and application scope.

As for the consensus mechanism, this refers to how a blockchain network validates transactions and creates new blocks. Since AxCNH is a token, it inherits the consensus mechanism of its host blockchain (such as Ethereum or Conflux), rather than having its own separate mechanism.

Tokenomics

AxCNH’s tokenomics mainly revolve around its stablecoin characteristics:

• Token symbol: AXCNH
• Issuing chains: It can be used on multiple blockchains, including Ethereum, BNB Chain, and Conflux Network.
• Total supply and issuance mechanism: According to project disclosures, AxCNH’s total and maximum supply are both 27,200,000 AXCNH. As a stablecoin, its issuance mechanism typically involves minting (issuing) or burning (redeeming) tokens based on market demand for offshore Renminbi, to maintain the 1:1 fiat peg.
• Current and future circulation: Currently, the reported circulating supply is also 27,200,000 AXCNH, meaning 100% of tokens are in circulation.
• Token use cases:
  • Cross-border payments and settlements: This is AxCNH’s core use, aiming to improve international trade efficiency and reduce costs.
  • Reducing exchange rate risk: As a stablecoin pegged to offshore Renminbi, it helps businesses and individuals avoid uncertainty from exchange rate fluctuations.
  • Decentralized finance (DeFi) applications: Users can deposit and borrow on DeFi platforms supporting AxCNH (such as Unitus Finance).
  • Virtual asset trading and Web3 exploration: Provides a reliable fiat on-chain solution for digital asset trading and the Web3 ecosystem.
• Token allocation and unlocking information: No detailed public information on specific token allocation and unlocking plans is available.

Team, Governance, and Funding

The success of a project depends on the efforts and support of its team, as well as clear governance and sufficient funding.

• Core members: AnchorX’s founder and CEO is Hill Wang, formerly an executive partner at Hony Ventures, with extensive finance and investment experience.
• Team characteristics: AnchorX is a Hong Kong-based fintech company. They have obtained a stablecoin issuance license from Kazakhstan’s AFSA, demonstrating strong compliance and regulatory capabilities and commitment.
• Governance mechanism: As a regulated stablecoin issuer, AnchorX works closely with regulators to ensure AxCNH meets all stablecoin standards. This means its operations and management are subject to external oversight and regulation.
• Treasury and funding: AnchorX has a strong network of strategic partners, providing a solid foundation for project funding and development. These include:
  • Hony Capital: An investment firm managing $16 billion in assets, backed by Lenovo Holdings, the parent company of Lenovo Group.
  • Conflux Network: China’s first public blockchain network compliant with local regulations, used by the Ministry of Science and Technology of China for related projects.
  • Additionally, AxCNH has established partnerships with major enterprises such as Zoomlion, Lenovo, China Brilliant Global, and crypto exchange ATAIX to jointly explore AxCNH’s application in cross-border payments and trade settlements.

Roadmap

The project roadmap is like a map, showing where it started, where it is now, and where it’s headed.

Key historical milestones and events:

• 2023: AxCNH project launched by AnchorX.
• June 2025: AnchorX obtained a stablecoin issuance license from the Astana International Financial Centre (AFSA) in Kazakhstan.
• July 2025: AxCNH officially launched on Conflux’s eSpace blockchain.
• September 17, 2025: AxCNH made its public debut at the 10th Belt and Road Summit in Hong Kong.
• Same period: AnchorX and Zoomlion successfully tested AxCNH transactions on the Conflux blockchain.
• Same period: Listing agreement reached with Kazakhstan’s ATAIX exchange; AxCNH is now trading on the platform.

Future plans and milestones:

• Release reserve proof: Will publish public proof of reserves to further enhance transparency.
• Clarify redemption and custody details: Will further refine and disclose AxCNH’s redemption process and fund custody specifics.
• Seek listings on more regulated exchanges: Plans to list on more regulated crypto exchanges to expand accessibility.
• Collaborate with more regulators: Will continue working closely with global regulators to ensure AxCNH complies with evolving stablecoin standards.
• Expand cross-border settlement coverage: Aims to support cross-border settlements in over 150 countries.
• Deepen partnerships: For example, continue working with partners like Zoomlion to optimize cross-border payment processes.

Common Risk Reminders

Any investment, including digital assets, comes with risks. Understanding these risks is crucial so you can make informed decisions. Remember, the following is not investment advice.

• Technical and security risks:
  • Oracle dependency: In DeFi applications, AxCNH may rely on oracles (services that bring off-chain data on-chain) for exchange rates and other info. If oracles fail or are attacked, AxCNH’s stability could be affected.
  • Liquidity limitations: In early stages, AxCNH’s liquidity (ease and volume of buying/selling) may be relatively limited, possibly causing price volatility or difficulty with large trades.
  • Depegging risk: Although AxCNH aims for a 1:1 peg to offshore Renminbi, in extreme market conditions or major events, there is a theoretical risk of “depegging” from the reference currency.
• Economic risks:
  • Offshore Renminbi liquidity: The CNH market’s liquidity may not be as high as other major currencies (like USD), which could impact AxCNH’s stability and large-scale adoption.
  • Market volatility: While AxCNH is a stablecoin, its trading market may still be affected by overall crypto market sentiment, causing short-term price fluctuations.
• Compliance and operational risks:
  • Capital controls: Mainland China has strict controls on capital flows, which may limit AxCNH’s use and adoption in certain scenarios, especially involving onshore Renminbi (CNY) conversion.
  • Geopolitical risk: As a financial tool, stablecoins’ development and use may be influenced by international geopolitical relations.
  • Regulatory uncertainty: Global stablecoin regulatory frameworks are still evolving. Although AxCNH is licensed, future regulatory changes may impact its operations.
  • Transparency requirements: The market demands high transparency and independent audits of stablecoin reserves. AxCNH must continuously provide public reserve proofs and audit reports to build and maintain trust.

Verification Checklist

If you want to learn more about AxCNH, check the following information:

• Block explorer contract address:
  • Contract address on Conflux Network:
    0x70BF...60aE2E
  • The project is also compatible with Ethereum, but the specific contract address should be checked on the Ethereum block explorer.
• Whitepaper: Whitepaper links are usually available on crypto info sites like CoinMarketCap, Crypto.com, etc.
• Official website: AnchorX’s official website is a key source for the latest project info and official statements.
• GitHub activity: Current search results do not directly mention GitHub activity, but for blockchain projects, codebase activity is an important indicator of development progress.

Project Summary

AxCNH is a pioneering blockchain project—the world’s first officially licensed offshore Renminbi stablecoin—aiming to revolutionize cross-border payments and international trade through blockchain technology. It combines the stability of offshore Renminbi with the efficiency and transparency of blockchain, providing a faster, lower-cost, and exchange-rate-risk-avoiding digital settlement tool for Belt and Road countries and offshore Chinese enterprises.

The project is led by the experienced AnchorX team and supported by strong strategic partners such as Hony Capital and Conflux Network, laying a solid foundation for its future development. The launch of AxCNH is not only a major innovation in the stablecoin market, but also reflects China’s strategic intent to promote Renminbi internationalization in the digital currency field.

However, as an emerging digital asset, AxCNH also faces technical, economic, and compliance risks, such as oracle dependency, liquidity limitations, geopolitical impacts, and an ever-changing regulatory environment. Although the project emphasizes its compliance and reserve backing, the market will continue to test its transparency and long-term stability.

Overall, AxCNH is a project worth watching, showing great potential in driving digital financial innovation and Renminbi internationalization. But remember, the digital asset market is highly volatile and risky. Before making any decisions, be sure to conduct thorough personal research (Do Your Own Research, DYOR) and carefully assess your own risk tolerance. The above does not constitute any investment advice.