The world-leading crypto payment solution provider, Alchemy Pay, has announced its partnership with CNHC, the world's largest CNH (Offshore Chinese Yuan) stable currency ecosystem. With this partnership, CNHC will become a part of Alchemy Pay’s ecosystem and leverage its on and off ramp solutions to enable users to buy or sell CNHC using various global fiat currencies. CNHC also will be listed on Alchemy Pay’s ramp, which provides support to add payment scenarios and facilitate seamless transfer of CNHC between the traditional finance and crypto world.     

CNHC (CNH Coin) is a stablecoin that is pegged to the CNH at a 1:1 ratio, and has full reserves securely stored in a depository institution located in Singapore. Its issuer, CNHC Group is a blockchain technology company based in Singapore. CNHC is issued on both Ethereum and Conflux, and it serves as an alternative means for holding CNH without the need to establish a bank account. Additionally, CNHC offers a more affordable and secure method for conducting international trade settlements. As of April 2023, the total on-chain circulation of CNHC is $15 Million. 

As current mainstream stablecoins such as USDT and USDC are backed by the US dollar, there is a pressing and growing need to establish a stablecoin system independent of the US dollar hegemony, especially with increased regulatory scrutiny in the US. In this regard, CNHC has adopted a strategy of pegging its stablecoin to the CNH currency, utilizing Hong Kong's well-established traditional financial ecosystem, and aiming to establish a fully compliant system. This move provides a practical alternative for businesses and users worldwide and contributes to modernizing global payment systems.

In March 2023, it is reported that CNHC managed to obtain $10 million in funding from KuCoin Ventures, the venture capital arm of KuCoin, along with Circle Ventures, the venture capital arm of the USDC issuer, and IDG Capital. Alchemy Pay will be among the initial payment partners that CNHC will unveil, serving as a gateway from fiat to cryptocurrency & vice versa within the CNHC ecosystem.

As a specialist in providing solutions that give crypto and Web3 services access to fiat payments for mainstream accessibility, Alchemy Pay has been at the forefront to leverage blockchain technology and traditional fin-tech experiences to connect everyday people to crypto. Alchemy Pay’s payment gateway supports payments with Visa, MasterCard, Discover and Diners Club in 173 nations, as well as Apple Pay, Google Pay, multiple domestic transfers, and popular mobile wallets in emerging markets. With its impressive 300+ fiat payment channels, its checkouts are able to go beyond cards and access local mobile wallets. This partnership with CNHC is a strong vote of confidence in Alchemy Pay’s payment capabilities. With Alchemy Pay’s assistance, the CNHC ecosystem will attain a new level of accessibility that is user-friendly to both experienced and novice users. 

About CNHC

CNHC Group is a blockchain technology company based in Singapore. It's committed to drive the digitization of assets and to build a financial infrastructure linking traditional finance to the blockchain world. CNHC (CNH Coin) is a stablecoin pegged to the CNH at a ratio of 1:1 and is bound to become the gateway from traditional finance to the blockchain world.