Chinese blockchain Conflux plans an offshore yuan stablecoin with fintech AnchorX while gearing up for its high-performance Conflux 3.0 launch, set to revolutionize payments across Belt and Road markets.
Conflux Network, a leading Chinese Layer 1 blockchain, is positioning itself at the forefront of the offshore yuan stablecoin movement while preparing to launch its powerful Conflux 3.0 upgrade this August.
Partnered with fintech firm AnchorX and Shenzhen-listed Eastcompeace Technology, Conflux plans to back stablecoins pegged to the offshore Chinese yuan targeting countries linked to China’s Belt and Road Initiative (BRI).
The BRI aims to deepen economic ties across more than 140 countries including Singapore, Indonesia, Malaysia, and Kazakhstan, making the introduction of yuan-pegged stablecoins a potential game changer for cross-border payment and settlement ecosystems in these markets.
This move aligns closely with China’s broader push to modernize payment infrastructures amid growing global interest in stablecoins and CBDCs.
Conflux 3.0: High-Speed Blockchain for Real-World Use Cases
Set to debut next month, Conflux 3.0 boasts a processing capacity of 15,000 transactions per second (TPS), designed specifically to handle large-scale cross-border settlements and real-world asset transactions.
The upgrade underscores Conflux’s ambitions to bridge blockchain technology with global commerce, supporting seamless yuan stablecoin issuance and transaction settlement.
The announcement catalyzed market excitement, propelling Conflux’s native token CFX up by 57% within 24 hours, reflecting investor confidence in its strategic direction and upcoming technological leap.
Similarly, Eastcompeace Technology’s stock surged 10% on the Shenzhen exchange, highlighting the positive market response.
Stablecoins pegged to the offshore yuan, referred to internally as “AxCNH,” have gained momentum following recent remarks by the People's Bank of China governor who emphasized stablecoins and central bank digital currencies as transformative for the global payment landscape.
Hong Kong’s move to formalize licensing for stablecoin issuers starting August 1 further accelerates this momentum, with major Chinese tech players advocating for wider offshore yuan stablecoin approval.
This initiative marks an essential step for yuan’s internationalization, leveraging blockchain innovation to extend China’s digital currency foothold across strategic international markets.
The partnership between Conflux, AnchorX, and Eastcompeace could be pivotal in advancing the yuan’s use beyond China’s borders.
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Conflux 3.0 to Drive Offshore Yuan Stablecoin Expansion
Conflux Network preps its 3.0 upgrade and yuan-backed stablecoins for Belt & Road markets, boosting CFX token 57% amid global crypto interest.