https://techcrunch.com/2023/03/15/circle-kucoin-chinese-yuan-stablecoin/

Circle Ventures, the venture arm of the USDC issuer Circle, has invested in an offshore Chinese yuan-backed stablecoin project, CNHC.

It’s hard to overlook the timing and strategic significance of the tie-up. In a matter of several years, stablecoins have grown from a fringe category into a more than $130 billion market. These digital coins are typically backed by traditional assets like the U.S. dollar and are designed to offer a less volatile way to trade than, say, Bitcoin and Ethereum.