The issuance team of the offshore RMB stablecoin CNHC, CNHC Group, may have its office in Shanghai judicially sealed

ChainCatcher news, according to PANews, the team of the issuer of the CNHC stablecoin, which is pegged to the offshore RMB at a 1:1 ratio, [CNHC Group](https://www.rootdata.com/zh/Projects/detail/CNHC Group?k=NzMwOA==) (now renamed Trust Reserve), has vacated their office in a building in Pudong, Shanghai. The door is sealed with a notice stating "Judicial Seizure, Strictly Prohibited from Destruction," dated May 29, 2023.

Multiple sources have revealed that the team has been taken away by the police for detention, and some employees' families have been notified. According to official information, Trust Reserve's products include the offshore RMB stablecoin CNHC and the HKD stablecoin HKDC. Insiders indicate that the company's stablecoin business has not been widely promoted, but the company has other cross-border payment operations, which may be involved in the case due to the payment business.

According to the crypto data platform RootData, in March of this year, the offshore RMB stablecoin project CNHC completed a $10 million Series A+ financing round, led by KuCoin Ventures. Both CNHC and HKDC are issued on the Ethereum and Conflux networks, and according to the official website, "CNHC is an ideal tool for cross-border payments between China and developing countries." (Source link)