Reports suggest that Beijing could use the original, sturdy, silly, silly for cross-border trade and support competing with the US for financial hegemony.
With the passage of the Genius Act in July, the United States began seeking global financial control through dollar-covered stubcoins. China's entry into this competition could accelerate the growth of stubcoin.
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China recently launched the world's first, regulated offshore original stubcoin, with approval from Kazakhstan's financial authorities. On Monday, Yang Guang, CTO of Layer-1 Blockchain Project Conflux, said His company took part in the launch.
He added that New Stablecoin, Axcnh, AIMS To internationalize the original. The launch didn't attract much international attention., It could create a “butterfly effect” that reshapes cross-border payments.
AXCNH is a cryptocurrency that is fixed to offshore origins. It was launched to improve the efficiency of cross-border payments for countries involved in China's Belt and Road Initiative (BRI). Stablecoin also aims to mitigate the risk of dollar-based sanctions.
The Belt and Road Initiative (BRI), launched by China in 2013, is an ambitious strategy to enhance global infrastructure, trade and economic cooperation by connecting Asia, Europe and Africa. With over 150 countries signed, China has invested more than $1.3 trillion to advance connectivity and development around the world.
This investment spans global infrastructure, energy, technology and other strategic sectors. While many view it as a route to economic growth, some countries and analysts have expressed concern about China's growing influence through the initiative.
Industry insiders suspect that the Chinese government has had a major impact on Anchorx, the publisher of Hong Kong fintech company Stablecoin.
Conflux, a technology provider for AXCNH, is one of the few public blockchains that have been officially approved by the Chinese government. The network is reportedly capable of handling more than 3,000 transactions per second.
The move is also attracting interest in whether it will further accelerate Stablecoin's market capitalization growth. The Stablecoin market shows an upward trend with each rapid increase in market capitalization.
On July 18, when the US Genius Law was passed, global stubcoin's market capitalization was $267.2 billion. Since then, it has grown rapidly, reaching $39.4 billion as of Monday, up 15.8% in just 70 days.
This post is about China preparing for the new Stablecoin race? It first appeared in Beincrypto.
