<p class="is-style-lead">The Trust Reserve team, responsible for the CNHC stablecoin pegged to the offshore yuan, has been allegedly detained by the Chinese police. </p>



<p>PANews, a local Asian outlet, exclusively <a href="https://twitter.com/PANewsCN/status/1663814617607602177?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1663814617607602177%7Ctwgr%5E92071988514a31355e735361b8337cb42bb3ee6d%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fcrypto.news%2Fwp%2Fwp-admin%2Fpost.php%3Fpost%3D14163735action%3Dedit" data-type="URL" data-id="https://twitter.com/PANewsCN/status/1663814617607602177?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1663814617607602177%7Ctwgr%5E92071988514a31355e735361b8337cb42bb3ee6d%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fcrypto.news%2Fwp%2Fwp-admin%2Fpost.php%3Fpost%3D14163735action%3Dedit">obtained</a> this information. It revealed that the team was reportedly detained by the Chinese police, with their family members being notified.</p>



<p>Investigations revealed that the team’s office was empty, and the entrance was sealed with a notice stating &#8220;Judicial Seizure, Strictly No Vandalism.&#8221; The seal was signed on May 29, 2023, suggesting recent legal action.</p>



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<p>Trust Reserve offers various products, including the CNHC, an offshore RMB-pegged stablecoin, and the HKDC, Hong Kong dollar-pegged one. Trust Reserve also operates a cross-border payments business, which may have implications for the ongoing case.</p>



<p>In March, the <a href="https://crypto.news/learn/how-to-earn-interest-on-stablecoins/">stablecoin</a> issuer completed a Series A+ investment round headed by KuCoin Ventures and included IDG Capital and Circle participation. The total amount raised was $10 million. Around sixty people were working for the firm then, and they intended to bring on more.</p>



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<p>Further details on the situation and the potential impact on Trust Reserve&#8217;s operations are yet to emerge, leaving many questions about the fate of the CNHC Issuance Team. There has been no update from the core team in China in more than a week, and the protocol is still experiencing some degree of partial unavailability.</p>



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CNHC stablecoin issuer reportedly detained in China

crypto.news

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