Milestones

Hong Kong's Legislative Council passes the 'Stablecoins Ordinance', creating a legal framework and licensing regime for fiat-backed stablecoin issuers.

AnchorX announces the launch of AXCNH at the Belt and Road Summit, presented as the first licensed offshore Yuan-pegged (CNH) stablecoin.

The People's Bank of China and other agencies jointly ban the unapproved issuance of yuan-linked stablecoins abroad to protect monetary sovereignty.

CNY Stablecoins was founded and officially launched.