ASTANA, KAZAKHSTAN - Media OutReach Newswire - 25 February 2025 - The Astana Financial Services Authority (AFSA), the financial regulator in Kazakhstan, has granted AnchorX in-principle approval to conduct money services related to digital assets, specifically as an issuer of fiat stablecoins. This milestone marks the first stablecoin-related approval in Kazakhstan and establishes AnchorX as a pioneer in the Central Asia region.

The increasing bilateral trade between Kazakhstan and China underscores a significant opportunity for using stablecoins in cross-border payments. In 2023, trade between the two nations reached $31.5 billion, a 30% increase from the previous year, with China emerging as Kazakhstan's largest trading partner. This robust relationship is fueled by Kazakhstan's strategic location and its pivotal role in China's Belt & Road Initiative. Additionally, Kazakhstan acts as a gateway to Central Asia and Eurasia, regions that are experiencing rapid growth in virtual assets and emerging as a new frontier for cryptocurrency and blockchain innovation.

In response to these dynamics, AnchorX is set to issue AxCNH, a stablecoin pegged to the offshore Chinese Yuan (CNH). AxCNH aims to facilitate cross-border payments between offshore Chinese companies and Belt & Road trading partners, such as Kazakhstan. Each unit of AxCNH is fully backed by equivalent reserves of CNH, held in segregated custody accounts at regulated financial institutions, ensuring secure and transparent transactions with 1:1 redemption capabilities. The initial issuance of AxCNH will be on the Conflux blockchain, known for its security, low latency, and cost-effectiveness.

AnchorX is committed to becoming a leading issuer of fiat-backed stablecoins in Asia. Industry leaders from both traditional finance and the blockchain technology space sponsored the founding of AnchorX. Hony Capital, a leading investment management firm in China overseeing over USD 16 billion in assets, contributes resource support and business synergies. Additionally, the Conflux Network, the leading regulatory-compliant public blockchain in China, provides the underlying technology infrastructure.