#BinanceHODLer0G First stablecoin from China, CNH, debuts as the global race intensifies.
$BTC #BNBBreaksATH Governments around the world are exploring and launching stablecoins to remain competitive against digital fiat tokens linked to the dollar.
#BinanceHODLerBARD The first regulated stablecoin linked to the international version of the Chinese yuan (CNH) aimed at foreign exchange markets, and a stablecoin of the South Korean won (KRW), were launched this week as the global race for stablecoins intensifies.
The fintech company AnchorX introduced its stablecoin AxCNH linked to the yuan on Wednesday at the Belt and Road Summit in Hong Kong, according to Reuters, following a regulatory shift in China that embraces stablecoins for international markets.
The stablecoin aims to facilitate cross-border transactions with countries in the Belt and Road initiative, an infrastructure project that builds physical roads connecting China with the Middle East and Europe and establishes maritime trade routes with other regions.
BDACS, a digital asset infrastructure company, also announced the launch of KRW1, a stablecoin linked to the Korean won, on Thursday.
Both KRW1 and AxCNH are over-collateralized stablecoins, meaning they are fully backed 1:1 by deposits of fiat currency or government debt instruments held by a custodian.
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