KuCoin Ventures, the venture arm of China-focused crypto exchange KuCoin, led a $10 million funding round into the stablecoin issuer behind CNHC, a coin pegged to the offshore yuan. But is the offshore yuan right for a stablecoin? thesamreynolds reports
Fan Long, co-founder of Conflux, says that Conflux is capturing the majority of the volume here because of Conflux’s “regulatory compliance” in China.
“The significance of CNHC stems from its capacity to connect traditional financial systems with the emerging Web3 landscape, especially amid heightened regulatory scrutiny in the U.S.,” he told CoinDesk in a note. “CNHC presents a practical alternative for businesses and users in search of compliant options beyond the US-centric regulatory framework.”Stablecoins are overwhelmingly backed by the U.S. dollar.
On one hand, this has only reenforced U.S. dollar hegemony. The next frontier of finance being denominated in dollars is largely a good thing as it extends U.S. rule making into the ether,But at the same time, not everyone wants to follow U.S. rules, especially when they have no nexus to the country.
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