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Circle, the company behind the USDC stablecoin, has backed CNHC, an offshore Chinese yuan-backed stablecoin as the market continues to grapple with non-transparent regulation in the US.

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According to a report from TechCruch, other investors, including KuCoin Ventures and IDG Capital, have also joined the $10 million funding round. However, Circle's size of the investment remains undisclosed.

A spokesperson for CNHC admitted in a commentary that the company is yet to get approval from the Hong Kong Monetary Authority.

USDC Issuer Opposes SEC as Stablecoin Regulator

Founded in early 2021, the stablecoin is issued on the Ethereum blockchain and Conflux, a KuCoin-backed layer-1 network. CoinDesk noted that on Ethereum there are only 23 addresses that hold 95% of CNHC with a total of 102 transactions so far. On Conflux, there are 606 holders and 1,487 transfers. According to reports, CNHC processed $40-50 million on a monthly basis in 2022.

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