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CNHC stablecoin issuer detained by Chinese police
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tldr; Chinese police have reportedly detained employees of Trust Reserve, the issuer of the Chinese yuan-pegged stablecoin CNHC Coin, as part of a crackdown on the cryptocurrency industry. Trust Reserve's office in Shanghai was found empty and sealed with a notice saying "Judicial seizure, strictly no vandalism." The firm secured $10m in funding in March 2023 from investors including KuCoin Ventures and Circle Ventures. Trust Reserve did not immediately respond to requests for comment. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Hong Kong police have arrested staff working for Trust Reserves, the payments company behind the Hong Kong dollar and RMB stablecoins CNHC and HKDC. The reason for the arrests is unclear, but authorities could be clamping down on digital payments not using its RMB central bank digital currency. China has a strict ban on crypto trading and mining in force, but several countries, including Saudi Arabia, Bangladesh, and India, have expressed interest in trading using the digital yuan. Trust Reserve’s current domicile Hong Kong gazetted virtual asset platform registration requirements on May 25, but the new regulations do not accommodate stablecoins. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Is there a Yuan Stablecoin? I did some recently published research and read that Circle and KuCoin were backing the idea, so l'm guessing it hasn't come to fruition... but at the same time, as read, it sounds like there one and it's going by CNHC. Also read about a Yuan Stablecoin on the Tron network - TCNH. I was unable to find a way to purchase on the Tron network through the TronLink wallet. I'm not sure how confident feel about the Tron network though. Open to any insights!