A blockchain-based version of the Chinese yuan is being built by CNHC. For this, CNHC has received $10 million in support from various investors, with Kucoin and Circle Pay's Venture arm contributing the most. According to investors, this has been done to promote Web3 infrastructure in the region; however, the analysis differs by judging the problems faced by them (the Kucoin lawsuit and the USDC depeg).
