KuCoin and Circle back Chinese yuan-pegged stablecoin in $10M round – TechCrunch

// Circle Ventures, the venture arm of the USDC issuer Circle, has invested in an offshore Chinese yuan-backed stablecoin project, CNHC. As a 1:1 fully collateralized stablecoin backed by offshore Chinese yuan, CNHC needs approval from the Hong Kong Monetary Authority and is obliged to submit audit reports at the local government’s request, the company told TechCrunch. https://techcrunch.com/2023/03/15/circle-kucoin-chinese-yuan-stablecoin/ //