AxCNH is a digital stablecoin pegged 1:1 to the offshore Chinese yuan (CNH). It was launched in 2023 by AnchorX, a company licensed by the Astana Financial Services Authority (AFSA) to issue stablecoins within the Astana International Financial Centre (AIFC). This was the first license of its kind in Kazakhstan, making AnchorX a pioneer in digital currency regulation in the region.

AxCNH is fully backed by liquid CNH reserves held in regulated custodial banks, and can be redeemed 1:1 around the clock. The stablecoin enables instant cross-border settlements with minimal costs and full AML/KYC compliance. It is available on the Ethereum, BNB Chain, and Conflux Network blockchains, making it compatible with major wallets, DeFi applications, and exchanges.

The project is led by Hill Wang, founder and CEO of AnchorX, formerly a managing partner at Hony Ventures and a graduate of Stanford and Harvard. AnchorX's strategic partners include major players from China:

• Hony Capital, an investment fund with $16 billion under management, backed by Legend Holdings, the parent company of Lenovo.

• Conflux Network, the first public blockchain network in China compliant with local regulatory requirements and used in projects by China’s Ministry of Science and Technology.

AxCNH is focused on use cases in cross-border trade (especially between China and Central Asian countries), Web3, DeFi, and virtual financial markets.