---
title: "AxCNH (AxCNH) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/axcnh-anchorx/"
description: "Build-time stablecoin profile for AxCNH (AxCNH). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# AxCNH (AxCNH)

**Peg:** Offshore Yuan

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

AxCNH is AnchorX's centralized offshore-yuan stablecoin, redeemable 1:1 for CNH and backed by CNH cash reserves at regulated financial institutions — issued under a Kazakhstan AFSA license rather than Hong Kong or Singapore. AnchorX's AxCNH is a CNH-pegged stablecoin backed 100% by offshore Chinese yuan cash reserves at regulated financial institutions, issued under a Kazakhstan AFSA license — a jurisdiction that provides formal regulatory cover without the scrutiny of Hong Kong or Singapore. The institutional-unregulated {{term:custody}}custody{{/term}} classification and absence of proof of reserves or independent {{term:attestation}}attestation{{/term}} mean the trust assumptions sit entirely with the AnchorX entity and its reported reserve figures. Deployed on two chains, AxCNH occupies an unusual niche: on-chain access to CNH exposure for a currency whose on-shore variant (CNY) is heavily capital-controlled by the People's Bank of China. Whether the offshore yuan stablecoin market is large enough to sustain a product without established exchange partnerships or DeFi integrations remains the open question.

## Collateral

Offshore Chinese yuan (CNH) cash reserves held 1:1 at regulated financial institutions; issuer materials describe AxCNH as fully reserved and redeemable for CNH

## Peg Mechanism

Direct 1:1 issuance and redemption through AnchorX for CNH transfers; the issuer publishes reported circulating AxCNH and corresponding CNH reserves on its transparency page

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| Kazakhstan | AFSA | AFSA-A-LA-2025-0013 |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| conflux | `0x70bfd7f7eadf9b9827541272589a6b2bb760ae2e` | 6 |
| ethereum | `0x2925ac3be7d585874b88ea51ed50add376ad8239` | 6 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/axcnh-anchorx.