dForce, a prominent DeFi infrastructure entity, has released a new proposal. The new DIP070 proposal of dForce suggests the onboarding of the Chinese Yuan-pegged $AxCNH stablecoin of AnchorX, a fintech firm in Hong Kong, into its ecosystem. As disclosed by dForce in its official social media announcement, the integration will start on the Conflux blockchain with Unitus Finance. Additionally, the strategic move places dForce among the pioneers in CNH-associated DeFi, moving in line with its objective to serve as the entry point for on-chain compliant yield in CNH.
dForce Suggests Integration of AnchorX’s Stablecoin $AxCNH for Borrowing
The proposal of integrating the AnchorX’s $AxCNH stablecoin will permit consumers to borrow and deposit $AxCNH. Released $AxCNH back in July this year on Conflux eSpace, following getting regulatory green light from the Astana Financial Services Authority (AFSA) of Kazakhstan. The stablecoin reportedly has a 1:1 peg ratio with the Chinese Yuan (CNH), which can be withdrawn for fiat and is supported by transparent reserves.
Fortifying dForce’s Status in CNH DeFi Landscape
According to dForce, the proposal to incorporate $AxCNH will reportedly broaden consumer access to CNH-centered assets within the DeFi sector. Apart from that, with the implementation of conservative measures like stringent supply/borrow caps, along with exclusion of collateral usage. With this, the platform guarantees the minimized risk while preparing for more expansion.
Overall, this initiative endeavors to strengthen the role of dForce as a notable infrastructure platform providing compliant worldwide stablecoins parallel to boosting its long-term expansion within the CNH DeFi sector.
