Alchemy Pay Help Buy And Sell Yuan Stablecoins With Fiat CNHC Partnership
- Alchemy Pay announced a collaboration with CNHC.
- CNHC will join the Alchemy Pay ecosystem, using its on and off-ramp solutions to let users purchase and trade CNHC in a variety of worldwide fiat currencies.
- CNHC will also be included on the Alchemy Pay ramp.
Alchemy Pay, a provider of crypto payment solutions, has announced a collaboration with CNHC, the world’s biggest CNH (offshore Chinese Yuan) stablecoin ecosystem.
CNHC (CNH Coin) is a stablecoin that is linked to the CNH at a 1:1 ratio and has full reserves safely kept with a Singaporean depository institution. The issuer, CNHC Group, is a Singapore-based blockchain technology company.
CNHC is issued on both Ethereum and Conflux, and it may be used to keep CNH without the requirement to open a bank account. Moreover, CNHC provides a more cost-effective and safe technique for performing international commerce settlements. The entire on-chain circulation of CNHC as of April 2023 is $15 million.
Through this collaboration, CNHC will join the Alchemy Pay ecosystem and utilize its on and off-ramp solution to let users purchase and sell CNHC in a variety of worldwide fiat currencies.
CNHC will also be featured on the Alchemy Pay ramp, allowing for the addition of payment scenarios and the easy movement of CNHC across the conventional financial and crypto worlds.
Since existing major stablecoins such as USDT and USDC are backed by the US dollar, there is an urgent and rising need to build a stablecoin system independent of the US dollar hegemony, particularly given heightened regulatory scrutiny in the US.
In this sense, CNHC has pursued a policy of tying its stablecoin to the CNH currency, using Hong Kong’s well-established conventional financial environment, and attempting to create a completely compliant system.
This move offers a realistic option for companies and individuals all across the globe while also contributing to the modernization of global payment networks.
Alchemy Pay will be one of the first payment partners announced by CNHC, acting as a gateway from fiat to cryptocurrency and vice versa inside the CNHC ecosystem.
Alchemy Pay informed its consumers that it was not associated with Silicon Valley Bank or Silvergate, two banks that have recently had financial difficulties. According to the crypto payment service provider, it has no money with these institutions or their associate banks. Alchemy Pay also verified that it completely complies with all legislation, ensuring the safety and security of its client’s transactions.
It was announced in March 2023 that CNHC had received $10 million in investment from KuCoin Ventures, the venture capital arm of KuCoin, as well as Circle Ventures, the venture capital arm of the USDC issuer and IDG Capital.
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