First China Stablecoin Launches Amid Digital Geopolitical Race

The first regulated stablecoin tied to the international version of the Chinese yuan (CNH) meant for foreign exchange markets, and a South Korean won (KRW) stablecoin launched this week as the global stablecoin race heats up.

Financial technology company AnchorX debuted its AxCNH yuan-pegged stablecoin on Wednesday at the Belt and Road Summit in Hong Kong, according to Reuters, following a regulatory pivot in China embracing stablecoins for international markets.

The stablecoin is meant to facilitate cross-border transactions with countries in the Belt…