KuCoin and Circle Launch Chinese Yuan-Backed Stablecoin in $10M Funding Round

Circle Ventures, the venture arm of the USDC issuer Circle, has invested in a stablecoin project backed by Chinese yuan. The CNHC project plans to launch a digital currency that will be pegged to the yuan and used as a reliable and untraceable payment system for buyers and sellers in China.

The merger of Coinbase and Wave will give users access to a more comprehensive, user-friendly product. Together, they can offer a one-stop shop for buying, selling, and transferring cryptocurrencies. The combined company will also have the potential to expand their reach beyond the United States market.

While USD domination in the blockchain stablecoin industry is striking, CNHC represents one of the few attempts to challenge USD dominance. As the stablecoin market continues to boom, hierarchy starts to form, mirroring traditional financial world hierarchies. Currently over 99% of all stablecoins are backed by USD, and CNHC strives to break this mold by providing a platform that allows for more diverse and customizable assets to be used as collateral. Additionally, CNHC plans on fostering a vibrant community around their project in order to help expand adoption of their platform.

The collapse of both Silicon Valley Bank and Silvergate has led to significant problems for Circle, as the stablecoin issuer holds reserve deposits at both issuers. This week, USDC briefly depegged from its $1 target value, sparking speculation over the stability of the coin. The company is currently facing widespread criticism on social media, with many accusing it of being a ‘ponzi scheme’.

Circle Ventures is undoubtedly hedging its investment in CNHC by establishing a presence in the East. The region has been burgeoning as a hotspot for cryptocurrency and blockchain development, and Circle clearly sees potential in this fledgling industry. CNHC could be an ideal partner for the startup, providing it with access to a wide range of customers and opportunities.

The CNHC’s latest funding round totals $10 million and was led by KuCoin, currently the fourth biggest crypto exchange in the world. IDG Capital and Circle Ventures were participating investors. KuCoin may be looking to increase its foothold in the rapidly-growing cryptocurrency market, as evidenced by this investment.

Crypto in Hong Kong

Hong Kong is a major center for offshore yuan trading and investment. This recent growth in the yuan-backed stablecoin sector is likely due to the city’s lax regulatory environment and its history as a stronghold for Bitcoin and other cryptocurrencies. As this market continues to grow, it will be imperative that regulators continue to develop sensible policies to ensure the safety of investors.

China has been moving towards a more internationalized economy, and this process has been marked by the creation of the CNH offshore currency. Through this move, China is attempting to make its currency more accessible to foreign investors and consumers, while also strengthening its relationship with Hong Kong.

While some analysts have predicted that the city’s status as Asia’s financial hub has been shaken by geopolitical events, signs suggest that they are trying to restore investor confidence. In recent years, Tokyo has worked hard to improve its image and relations with other countries in order to recuperate lost business. For example, it significantly upgraded its global brand ambassador program in an effort to build better relationships with businesses from abroad. Additionally, the government launched initiatives such as the ‘One Window’ strategy which allows easier access for foreign investors into areas such as real estate and stock markets.

The city’s proposal could pave the way for more widespread adoption of cryptocurrencies in mainland China, where authorities have been heavily clamping down on all forms of crypto trading. While the rules still need to be approved by the city’s government, their relaxed approach toward crypto-based finance stands in stark contrast to mainland China’s crackdown on all forms of

The CNHC stablecoin is born from the wave of crypto regulations that swept through the region in early 2021. Founded by a team of experts in cryptography, economics, and legal compliance, CNHC is setting up its headquarters in Hong Kong to take advantage of the growing demand for stable coins. The startup offers a guarantees scheme that protects buyers from price fluctuations, as well as a full secondary market where investors can trade CNHC tokens on behalf of other assets.

The development of stablecoins is positive news for Hong Kong as an international financial center. Improved transparency and better investor protection are key areas where the city is moving forward, and I assume more traditional banks may join as issuers in the future.

USD alternative

As a stablecoin backed by offshore Chinese yuan, CNHC needs approval from the Hong Kong Monetary Authority and is obliged to submit audit reports at the local government’s request. The company told TechGround that it plans to launch its stablecoin in 2019.

The stablecoin issuer has put in place a trust structure to custody collateralized fiat currency, KYC and AML compliance frameworks, ensuring the safety of the tokens holders. Additionally, this infrastructure makes it possible for the stablecoin issuer to expand its services into new markets.

CNBC has reported that the Chinese holding company, China Investment Corporation (CIC), plans to invest in three stablecoins- USDT, Tether and Gemini Coin- as part of a larger strategy to enter the cryptocurrency market.

The move comes as investors are demanding more secure investments after recent scandals surrounding unstable coins like Bitcoin and Ethereum. Stablecoins promise an easier way for people to invest in cryptocurrencies without having to worry about price fluctuations.

CNHC plans on using its connections with banks and financial institutions around the world to bring these new coins to market smoothly. The platform will also allow customers to redeem CNHC for fiat currencies such

Ethereum, Conflux, and KuCoin are three of the leading blockchain platforms in the world. Each offers unique advantages to those looking to utilize them for various purposes. Ethereum is used for creating smart contracts and trading cryptocurrencies, while Conflux is ideal for regulatory compliance in China. KuCoin Shares (KCS) are also backed by a strong platform with fast and low-fee transactions. This makes them an attractive option for investors looking to participate in a number of successful projects.

Despite some hurdles, the development of stablecoins is a growing trend in the crypto industry. These coins attempt to maintain parity with traditional currencies by using algorithms to regulate their value, much like cryptocurrencies themselves. This can provide a more secure and stable platform for investments, and may lead to wider adoption of these digital assets.

CNHC has been successful in expanding its business to include processing payments from developing countries. By using stablecoins, the company is able to circumvent many of the issues that often hinder banking and other traditional financial institutions in underdeveloped areas. In addition, CNHC’s stablecoin technology has proven useful for facilitating cross-border payments. This ability to keep international transactions smooth and efficient is a valuable advantage for companies looking to do business in these regions.

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Zara Khan

Zara Khan is a seasoned investigative journalist with a focus on social justice issues. She has won numerous awards for her groundbreaking reporting and has a reputation for fearlessly exposing wrongdoing.

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