🇨🇳 New Chinese Policy Targets USDT – Traders Shift to Onshore CNH Stablecoin via Conflux

Recent Chinese regulatory measures are applying pressure on USDT, with exchange rates showing USDT trading at ~6.95 CNY—below the standard offshore USD-CNH rate.

Amid potential dollar interest rate declines and tightening on foreign stablecoins, traders are migrating to axCNH, an offshore CNH-pegged stablecoin available on Conflux via WFX exchange.

Current conversion rates indicate 10,000 USDT ≈ 71,100 axCNH, with additional incentives such as $CFX rewards up to 100% APY for providing axCNH liquidity.

This reflects a strategic pivot toward regulated, onshore-aligned digital assets as cross-border crypto policy evolves.