Exclusive Interview with AnchorX Founder Hill Wang: The Billion-Dollar Ambition of Offshore RMB Stablecoin

AxCHN is not only a commercial innovation but also a strategic bet on the diversification of the global currency system. Author of the article: Lesley, MetaEra The global monetary system is at a historical turning point. A new payment revolution centered around sovereignty, compliance, and efficiency is quietly unfolding. On July 19, at the Shanghai "Hong Kong Web3 Complementary Cooperation Development Conference," Hill Wang, the founder of AnchorX, detailed the practice and development trends of offshore RMB stablecoins. With the increasing demand for cross-border payments and the gradual clarity of regulatory frameworks in various countries, offshore RMB stablecoins are entering an important development window. From Hong Kong to Kazakhstan, from the five Central Asian countries to the "Belt and Road" initiative, AnchorX is laying a digital new Silk Road. This is not only a business innovation but also a strategic bet on the diversification of the global currency system.

1. Reflections on Cryptocurrency in the Context of Traditional Finance: The Journey of AnchorX "The first time I came into contact with cryptocurrency was when I was doing VC at Hongyi. At that time, I often researched some cutting-edge technology projects, so I gained a certain understanding of the crypto industry," recalled Hill Wang, founder of AnchorX, in an exclusive interview. Previously, he served as a senior analyst at Morgan Stanley and as a managing partner at Hongyi Investment, with nearly twenty years of experience in finance and investment. "By the end of 2022 and the beginning of 2023, we judge that exchanges are currently the most profitable track in the crypto industry, and the next opportunity is likely to be stablecoins." As an "infrastructure" connecting traditional finance and the crypto world, stablecoins can improve cross-border payment efficiency and reduce settlement costs. However, before they can truly take off, "compliance" will determine whether stablecoins can go further. In this context, the policy direction of Hong Kong has become a key factor. As an international financial center, Hong Kong has a regulatory environment that is highly recognized by the industry, while also reserving more operational space for financial innovation. "Hong Kong's support in this regard is crucial, and we see that Hong Kong began public consultations related to stablecoins very early on, being at the forefront globally," said Hill Wang.

At the end of 2023, the Hong Kong Financial Services and the Treasury Bureau, together with the Hong Kong Monetary Authority (HKMA), jointly released a consultation document on the regulation of stablecoins, broadly soliciting opinions on issuance mechanisms, reserve management, and licensing requirements, laying the foundation for the next steps in policy advancement. Seizing this opportunity, Hill Wang established AnchorX in Hong Kong in 2023, positioning itself in the stablecoin sector. The rapid development of AnchorX is also due to the "dual support" from traditional finance and the blockchain industry. As two major strategic partners, Hony Capital provides resources and business synergy for AnchorX, while Conflux Network offers technical support for AnchorX's stablecoin practice with its high-performance, low-cost underlying architecture. In the interview, Hill Wang specifically mentioned the organizer of this conference, Conflux Network: "Conflux is one of the few Chinese infrastructure projects that possesses both public chain capabilities and government endorsement, which aligns closely with our direction. Technically, it is also very mature, with fast transaction speeds and low costs, making it a typical representative of many qualities such as 'fast, good, and economical' that Chinese enterprises strive for, and it has a high level of government recognition."

2. Kazakhstan's Landing in Hong Kong: The Real Path of Stablecoins In the context of rapidly changing global regulatory environments, AnchorX has chosen a pragmatic compliance path. "We see that the regulation of stablecoins is advancing quickly in various countries, and the entire virtual asset industry is moving towards a more compliant and healthy direction," said Hill Wang. "It is precisely because of these regulatory frameworks that we have the opportunity to make this matter more standardized and achieve scalability." Starting in Kazakhstan, obtaining the first stablecoin license. In early 2025, faced with the incomplete regulatory framework in Hong Kong, AnchorX took the lead in laying out overseas. In May, Kazakhstan's financial regulatory authority, the Astana Financial Services Authority (AFSA), officially approved AnchorX to operate a license for a pegged offshore RMB stablecoin. This is the first official license related to stablecoins issued in the country.

The layout of AnchorX is highly aligned with China's "Belt and Road" initiative. Kazakhstan is one of China's most important economic and trade cooperation partners in Central Asia. Last June, the second China-Central Asia Summit was held in Kazakhstan's capital, Astana, demonstrating Kazakhstan's significance for China's trade in the Belt and Road initiative. The layout of AnchorX has also subsequently expanded to cover the five Central Asian countries, providing stablecoin solutions for cross-border settlement scenarios in the relevant regions. "In the past two to three years, the annual growth of bilateral trade between China and Kazakhstan has been around 20%-30%, which provides a real and continuous application scenario for the AxCNH stablecoin," said Hill Wang. Rooted in Hong Kong, exploring offshore RMB stablecoins As the world's largest offshore renminbi trading center, Hong Kong will be the focus of AnchorX's long-term strategy. "We have been in communication with the Hong Kong Monetary Authority for some time and are also planning to submit a formal application for a stablecoin license," Hill Wang stated. In Hill Wang's view, Hong Kong is a highland of global financial regulation with stringent regulatory policies. At the same time, as an international financial center, Hong Kong has shown a relatively open attitude towards Web 3.0, leading the world. "For entrepreneurs, such an environment is a benefit in itself." However, he also admitted that the development of the industry still relies on the continuous evolution of regulation: "As entrepreneurs, we certainly hope that the regulatory attitude can be more open, and that the implemented regulatory details can provide companies with a certain degree of flexibility at the execution level. Only in this way can companies explore more market-oriented possibilities within the compliance framework." Three, Saying Goodbye to the T+3 Era: How Offshore RMB Stablecoins Reshape Cross-Border Payments AnchorX aims to provide compliant and efficient cross-border payment options for enterprises going abroad through a stablecoin payment system, challenging the long-standing dominance of traditional financial systems and USD stablecoins. Instant settlement, breaking down the SWIFT predicament Compared to the traditional SWIFT system, stablecoins demonstrate overwhelming advantages in cross-border settlement efficiency. "As everyone knows, SWIFT is essentially a messaging system, where the information flow is separate from the fund flow," Hill Wang explained. "That is to say, it is not a case of seeing is believing; a fund transfer often takes about T+3 days to arrive. We have a company in Kazakhstan and have personally experienced that a cross-border transfer often takes five to six days, and it could take even longer if it falls on a weekend."

Based on the blockchain technology architecture, AxCNH directly connects information flow and capital flow, achieving near-instantaneous fund arrival. "Our solution can achieve near real-time settlement on cross-border chains," he said, "The settlement speed is at the second level, usually completing confirmation within a minute, with a significant improvement in efficiency." He further summarized: "Blockchain technology is expected to replace traditional structures like SWIFT, truly achieving synchronization of transactions and settlements." Less exchange loss, more suitable for enterprises to "go abroad" Compared to the US dollar stablecoin, AxCNH will better align with the real use cases of Chinese enterprises in the process of global expansion. "Many Chinese companies still have their cost centers domestically when advancing their overseas business. Using US dollars means they ultimately still need to convert back to offshore RMB," Hill Wang pointed out, "which adds an additional exchange." AxCNH explores a simplified path by directly anchoring to offshore RMB. This process reduces a round of exchange rate loss, bringing substantial savings to enterprises. 4. The Era of Multi-Polar Stablecoins: The Next Stop in the Global Landscape Hill Wang has a clear understanding of the global stablecoin landscape: "The stablecoin market is closely related to the traditional currency system. Currently, US dollar stablecoins dominate the market absolutely." However, Hill Wang firmly believes that this single pattern will not last in the long term. "In the future, if sovereign currencies are mapped to stablecoins in some form, then the international monetary system is likely to center around a few important sovereign currencies, moving towards a multipolar balance structure." He pointed out that the share of the euro, the renminbi, and especially the offshore renminbi in the stablecoin market will gradually increase. This trend has already been reflected at the regulatory level. On August 1, Hong Kong's "Stablecoin Regulation" will officially come into effect; U.S. President Trump has also signed the "GENIUS Act"; economies such as the European Union, the United Kingdom, and Singapore are also incorporating digital currencies into their regulatory frameworks. "The improvement of the regulatory framework has cleared obstacles for the growth of non-U.S. dollar stablecoins," said Hill Wang. He further cited data to illustrate: "For example, in the case of offshore renminbi, its share in the SWIFT payment system is currently about 5%. If the stablecoin market reaches a scale of 2 trillion dollars in the future, the potential space for offshore renminbi stablecoins could be as high as hundreds of billions of dollars." AnchorX aims not only to become a stablecoin issuer but also has a grander goal of building an international payment network based on offshore renminbi. "We hope to use Hong Kong, the world's largest offshore renminbi settlement center, as a base to support outbound enterprises in more efficiently connecting with countries along the 'Belt and Road'." Conclusion: The Eastern Narrative of the New Order of Digital Currency The power landscape of digital currency is being restructured. The seemingly decentralized regulatory actions around the world actually outline the underlying logic of a reshuffling of the global currency system. Hill Wang's judgment is also very firm: it is not about disruption, but about diversity. A market space of "hundreds of billions of dollars" is sufficient to accommodate multiple independent ecosystems that are not dependent on the dollar system. In this global competition centered around technology, regulation, and currency, enterprises targeting the international market are transforming from rule adaptors to practitioners, participants, and co-builders leveraging innovative technological solutions such as AxCNH. The dawn of the multipolar stablecoin era may quietly unfold in the morning mist of Hong Kong's Victoria Harbour.