Recently, a striking new member has emerged in the Crypto Assets market—AxCNH. However, it is a common misconception to simply regard it as the Chinese version of USDT. In fact, the essence and significance of AxCNH far exceed the scope of stablecoins.

AxCNH is the representative of offshore RMB in the blockchain world, issued by the compliant institution AnchorX and operating on the CFX main chain. Unlike market-oriented stablecoins like USDT that rely on USD asset backing, AxCNH has compliant clearing and settlement capabilities, providing a bridge for RMB to enter the blockchain financial system.

The true significance of this innovation is that it enables the renminbi to achieve pricing, trading, and circulation within a compliant blockchain system, breaking through the boundaries of traditional regulation. This breakthrough requires a controllable, public, high-performance, and regulatory-compliant blockchain platform, and CFX was created for this purpose.

The emergence of AxCNH is not just a new digital asset, but also an important step for the renminbi in the globalization of the digital economy. It opens up new possibilities for the application of the renminbi in the international financial market, while also providing strong support for the globalization strategy of the digital renminbi.

With the rapid development of the digital economy, innovations like AxCNH will play a key role in promoting the transformation of traditional currencies to digital formats. It not only provides investors with new options but also serves as an important tool for China to participate in the construction of the global digital financial system.

In the future, we may see more similar innovations that continuously enhance the influence of the Renminbi in the global digital economy. The emergence of AxCNH marks a new stage in the digitalization process of the Renminbi, and it is worth our continued attention to its development and potential impact.