CNHC stablecoin issuer detained by Chinese police: Report

The Chinese government continues to split down on the cryptocurrency industry with a brand-new investigation targeting a significant Chinese yuan stablecoin issuer.Employees of Trust Reserve– the provider of the Chinese yuan-pegged stablecoin CNHC– have actually been apprehended by Chinese cops, the regional blockchain publication PANews reported on May 31. Source: PANews Trust Reserve, formerly understood as CNHC Group, is the company of the Chinese CNHC stablecoin as well as the Hong Kong dollar-pegged steady currency HKDC.In March 2023, Trust Reserve protected $10 million funding in a round led by KuCoin Ventures, a VC arm of significant cryptocurrency exchange, KuCoin. Related: Chinas crypto position unchanged by relocations in Hong Kong, states execCNHC co-founder Joy Cham formerly informed Cointelegraph that Trust Reserve introduced its offshore yuan-pegged stablecoin, CNHC, in about 2021.