China's AxCNH Stablecoin Debuts Amid Global Market Competition

China's AnchorX has launched AxCNH, the first stablecoin pegged to the offshore Chinese yuan, signaling China's entry into the stablecoin market and challenging the dominance of US dollar-backed stablecoins. The market, valued at nearly $300 billion, is expected to grow significantly, but China's strict capital controls and geopolitical tensions pose challenges. Meanwhile, South Korea has introduced KRW1, and global regulators are adapting to the evolving landscape. Despite competition, the US dollar remains dominant in stablecoins.