Cnhc

About Cnhc

TrustReserve, formerly known as CNHC Group, issues the CNHC stablecoin, which is pegged 1:1 to the offshore Chinese Yuan (CNH). Launched in 2021 by co-founder Joy Cham, the company aims to provide a gateway from traditional finance to the blockchain world. CNHC operates on the Ethereum and Conflux blockchain networks, the latter being a permissionless blockchain compliant with Chinese regulations.

The primary applications for the CNHC stablecoin include international money transfers, cross-border trade settlements, and digital liquidity management. It allows users, particularly those in countries with high inflation or capital controls, to hold and transact with a stable digital asset pegged to the RMB without needing a traditional bank account, facilitating activities like cross-border procurement, e-commerce, and overseas wage payments. To mint and redeem CNHC, users must meet KYC requirements to comply with global anti-money laundering regulations.

In March 2023, TrustReserve announced a $10 million Series A funding round led by KuCoin Ventures, with participation from IDG Capital and Circle Ventures. However, in May 2023, the team was detained by Shanghai police, and their office was subject to a judicial seizure, reportedly in connection with their cross-border payment business. Despite these challenges, developments in the broader ecosystem continue, with Conflux Network partnering with other entities in July 2025 to launch a CNH-backed stablecoin for payments within China's Belt and Road Initiative.