Whispers from the corridors of power suggest the Chinese overlords might soon champion yuan-pegged stablecoins-parading them as tools for cross-border trade while slyly jousting with Uncle Sam for the crown of monetary supremacy.
The Americans, never ones to nap at the wheel, launched their own audacious dollar-tethered stablecoin blitz with the GENIUS Act in July, as if money were a game of Monopoly and the prize was the whole board. Now the dragon stirs, threatening to fan those flames and turbocharge the stablecoin frenzy.
A New Yuan-Pegged Stablecoin, AxCNH
Enter the stage: AxCNH, the world’s first *regulated* offshore yuan-backed stablecoin, bearing the somewhat ironic blessing of Kazakhstan’s financial gatekeepers. On Monday, Yang Guang, CTO of Conflux-a blockchain outfit that proudly wears the silicon crown-whispered to the world his company’s pact in this endeavor.
He proclaimed AxCNH’s mission: to catapult the yuan onto the global stage. Though the spectacle escaped the international spotlight, its ripples may one day trigger a butterfly effect sufficient to rewrite the rules of cross-border payments-as if economic chaos were a favorite pastime. 🦋
AxCNH, the steadfast crypto cousin of the offshore yuan, promises to grease the wheels of commerce among Belt and Road initiative comrades-those nations cheerfully hitching a ride on China’s infrastructure caravan. Alongside reducing dependence on the ever-pressing dollar, this token seeks to dodge the thorny brambles of sanctions.
The Belt and Road Initiative-China’s grand 2013 blueprint for stitching together Asia, Europe, and Africa with concrete arteries and dollar signs-has gathered over 150 willing partners. With a staggering $1.3 trillion invested, China plays global puppet master in infrastructure, energy, technology, and other sectors, prompting hopeful growth dreams and skeptical side-eyes about Beijing’s expanding reach. 🎭
Industry sages murmur of strong state whispers behind AnchorX, the Hong Kong fintech behind AxCNH, suggesting the invisible hand of Beijing’s government guides this digital ambition. Conflux, the technological chariot for AxCNH, stands among a rare breed-public blockchains officially sanctioned by Chinese overlords, pumping out a brisk 3,000 transactions per second, faster than a bureaucrat’s nod of approval.
This stir in the financial cauldron raises a spicy question: will this provoke a stampede toward stablecoins, further inflating the market’s balloon? History suggests whenever capital piles up like laundry in a Siberian prison, the stablecoin market cap perks up like a ravenous wolf.
Recall July 18: the formation of the GENIUS Act saw global stablecoin market cap sit at a humble $267.2 billion. Since then, the numbers skyrocketed to $309.4 billion-an almost mischievous 15.8% surge in a mere seventy days. A stablecoin sprint that makes one wonder: is this market running free, or is someone pulling the strings behind the velvet curtain?
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2025-09-29 18:56