China Launches Offshore Yuan-Linked Stablecoin in Kazakhstan

China Launches Offshore Yuan-Linked Stablecoin in Kazakhstan

China has taken a bold step into cross-border blockchain finance with the launch of AxCNH, the first yuan-linked stablecoin to debut outside the mainland. The token, issued by Chinese firm AnchorX on the Conflux blockchain, officially went live in Kazakhstan on September 17 after receiving regulatory approval. 

The move highlights China’s dual approach: keeping domestic crypto markets tightly controlled while selectively pushing blockchain innovations abroad. By linking the stablecoin to the yuan, Beijing signals its ambition to expand the role of its currency in global trade and finance. Analysts note that Kazakhstan—already a hub for mining and digital assets—provides a testing ground with strategic importance in Central Asia.

Although AxCNH is small in scale for now, projections show that real-world asset tokenization and stablecoins in the region could reach trillions of dollars by 2030. Whether AxCNH gains traction will depend on adoption by businesses, trust in the issuer, and regulatory stability. For now, it’s both a technical experiment and a geopolitical statement.