KuCoin Ventures Leads $10 Million Funding Round for Stablecoin Issuer CNHC Group

CNHC Group, the firm behind the CNHC stablecoin that is pegged 1:1 to the offshore Chinese yuan, has successfully raised $10 million in funding through a Series A+ equity round, according to reports. The round was led by KuCoin Ventures, along with participation from Circle Ventures and IDG Capital. The funds will be used to further drive the adoption of CNHC stablecoin, particularly across the Asia Pacific region. To facilitate this, the company will relocate its headquarters from the Cayman Islands to Hong Kong. The stablecoin was launched in 2021, and it is currently issued on the Ethereum and Conflux blockchains, with a total supply of around 15 million tokens worth roughly $2 million. To date, CNHC has raised tens of millions of dollars, although the exact figure has not been disclosed.