The offshore RMB stablecoin project CNHC has completed a $10 million A+ round of financing, led by KuCoin Ventures

2023-03-15 18:14:27

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ChainCatcher news, according to The Block, CNHC Group, the issuer of the CNHC stablecoin pegged 1:1 to the offshore Chinese yuan, has raised $10 million in funding. KuCoin Ventures led the round, with other investors including Circle and IDG Capital.

It is reported that the CNHC stablecoin was launched in 2021 for use cases such as remittances and cross-border trade settlements. It is currently issued on the Ethereum and Conflux blockchains, with a total supply of approximately 15 million tokens (valued at around $2 million). CNHC aims to expand the adoption of its stablecoin, particularly in the Asia-Pacific region. To this end, the company is relocating its headquarters from the Cayman Islands to Hong Kong. CNHC also plans to hire across various departments (including operations, compliance, and business development) to expand its existing team. (source link)

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