China's first people's stablecoin has arrived... Anchor X launches ”AxCNH”

Governments around the world are competing for leadership by issuing stablecoins based on their own currencies in response to dollar-backed digital currencies.
The first Chinese former (CNH)-based stablecoin is released, further intensifying competition in the global market.
On the 17th, fintech company AnchorX announced the launch of a stablecoin called "AxC" linked to the People's National Holiday (CNH) at the Belt and Road Summit held in Hong Kong.
This reflects China's regulatory changes to actively embrace stablecoins with an eye on the international market, and is expected to be used for cross-border payments with countries participating in the Belt and Road Initiative.
The Belt and Road Initiative is a large-scale infrastructure project to build land transportation networks and maritime trade routes connecting China with the Middle East and Europe.
Following this, BDACS, a Korean digital asset infrastructure company, also announced on the 18th that it would convert the Korean won (KRW)
Both stablecoins are over-collateralized and issued by storing actual fiat currency deposits and government bonds at a 1:1 ratio.
Stablecoins are emerging as a core asset in geopolitical strategies. Countries are putting their currencies on blockchain-based "digital rails" to boost international demand and increase the value of their currency.
This indicates an intention to offset the inflationary effects of traditional financial systems, which are slow, lack infrastructure in developing countries, and capital control policies in some countries that limit demand.
On the other hand, blockchain-based payments can operate 24 hours a day and process cross-border transactions almost instantly, allowing for increased global demand. This means that even if the currency supply increases, demand will not increase.
It is being evaluated that this will play a role in mitigating inflation that occurs when the economy cannot keep up.