AnchorX has launched the first regulated stablecoin tied to the international version of the Chinese yuan (CNH), named AxCNH, at the Belt and Road Summit in Hong Kong. This development marks a significant step in China's regulatory shift towards embracing stablecoins for international markets. The AxCNH stablecoin aims to facilitate cross-border transactions with countries involved in the Belt and Road initiative, enhancing trade routes linking China to the Middle East, Europe, and other regions. In a parallel move, BDACS introduced KRW1, a Korean won-pegged stablecoin, further intensifying the global stablecoin race. Both AxCNH and KRW1 are overcollateralized, backed 1:1 by fiat currency deposits or government debt instruments. These launches underscore the growing geo-strategic importance of stablecoins as governments seek to digitize their fiat currencies to boost international demand and mitigate inflationary pressures.