The focus keyphrase is CNH stablecoin, and the first CNH stablecoin has arrived. AnchorX unveiled AxCNH on September 19, 2025, at the Belt and Road Summit in Hong Kong. The launch followed a stablecoin pilot approval on August 6, 2025, under China Hong Kong’s regulatory sandbox.
AxCNH targets cross-border trade
The CNH stablecoin is fully collateralized 1:1 by fiat deposits or government debt instruments, according to the firm. It aims to challenge the dominance of U.S. dollar-backed digital assets by facilitating cross-border transactions within China’s Belt and Road Initiative (BRI).
As a result, the CNH stablecoin is positioned for trade settlements among offshore Chinese enterprises and BRI countries. Those partners accounted for RMB 22.1 trillion, or 50.3% of China’s total trade volume in 2024, the source notes.
BRI settlement use case
AnchorX designed AxCNH to streamline settlement flows. Therefore, it could reduce friction for offshore CNH payments in multi-jurisdictional corridors.
Key details:
Issued by financial technology firm AnchorX. Launched in Hong Kong under a regulatory sandbox pilot. Backed 1:1 by fiat or government debt instruments.
Meanwhile, the CNH stablecoin narrative is expanding as jurisdictions test compliant models. However, AxCNH’s adoption will depend on liquidity, exchange support, and regulatory clarity across key BRI hubs.
For background on how fiat-backed tokens maintain pegs, see this overview from Binance Academy. And if you want a primer on the mechanics behind reserves, settlement, and redemptions, read our guide to how stablecoins work.