Amidst the wave of integration between blockchain technology and traditional financial systems, an important milestone has quietly emerged. On August 14, 2023, the world’s first officially recognized offshore RMB stablecoin, AxCNH, was officially launched on the Kazakhstan exchange. This initiative not only showcases the international influence of Chinese blockchain technology but also marks a crucial step in the internationalization process of the RMB in the digital asset field.

The birth of AxCNH stems from the forward-looking layout of AnchorX. After its establishment in Hong Kong, the company quickly turned its attention to overseas markets. Kazakhstan became its preferred landing spot, a choice that holds significant strategic importance. In February 2023, Kazakhstan's financial regulator AFSA granted principle approval for AnchorX to carry out digital asset-related services. By May, AnchorX obtained a formal license to issue offshore renminbi stablecoins, becoming the first institution in the country to receive such permission.

AxCNH adopts a strict 1:1 reserve system, with its funds held in a bank regulated by AFSA, and complies with FATF's anti-money laundering and KYC requirements. This highly compliant operational model sets a new standard for global stablecoin regulation.

Kazakhstan, as an important gateway to Central Asia and the Eurasian continent, maintains close economic and trade relations with China. In recent years, the annual growth rate of bilateral trade between China and Kazakhstan has consistently remained around 20%-30%, providing a broad application prospect for AxCNH. Compared to the traditional SWIFT settlement system, which often requires 5-6 days for cross-border transfer, AxCNH shows significant advantages in efficiency and cost.

This innovative financial tool is expected to be first applied in the energy trade settlement between China and Kazakhstan, including fields such as crude oil and uranium ore. It is estimated that AxCNH can save companies approximately $120 million in exchange loss annually and reduce transaction costs by 30%. Looking ahead, AxCNH is expected to expand its influence to countries along the "Belt and Road", potentially forming a sizable offshore renminbi liquidity pool.

The launch of AxCNH is not only another appearance of Chinese blockchain technology on the international stage but also an important part of the internationalization process of the Renminbi. It provides new possibilities for the integration of traditional finance and digital assets, and points the way for future cross-border trade and financial innovation. As this innovative tool is gradually promoted, we look forward to seeing more positive impacts that facilitate international trade and enhance the efficiency of the financial system.