Kazakhstan has introduced AxCNH, the first regulated offshore yuan-backed stablecoin, in collaboration with Hong Kong fintech firm AnchorX. Launched on September 17, the stablecoin is powered by the Conflux blockchain network, which is supported by the Chinese government. AxCNH aims to enhance the adoption of the yuan in cross-border payments and provide an alternative to dollar-based stablecoins. AnchorX secured a license from Kazakhstan's financial regulator to issue this stablecoin, aligning with China's strategy to increase the global use of the yuan through blockchain technology.