3:24:00 PM PDT - Monday, March 27th, 2023

KuCoin and Circle back Chinese yuan-pegged stablecoin in $10M round  

By Editor - Wed Mar 15, 11:23 am

Circle Ventures, the venture arm of the USDC issuer Circle, has invested in an offshore Chinese yuan-backed stablecoin project, CNHC. It’s hard to overlook the timing and strategic significance of the tie-up. In a matter of several years, stablecoins have grown from a fringe category into a more than $130 billion market . These digital coins are typically backed by traditional assets like the U.S. dollar and are designed to offer a less volatile way to trade than, say, Bitcoin and Ethereum. As the stablecoin industry booms, hierarchy starts to form, mirroring the traditional USD-dominated financial world. Currently, over 99% of the existing stablecoins are backed by USD, and CNHC represents one of the few attempts to challenge USD dominance in the blockchain world.

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KuCoin and Circle back Chinese yuan-pegged stablecoin in $10M round

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