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Conflux will help launch a stablecoin pegged to the offshore yuan
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Partners include fintech firm AnchorX and Eastcompeace
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Stablecoin aimed at Belt and Road Initiative markets
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Conflux 3.0 set to launch in August with 15,000 TPS speed
New Yuan Stablecoin to Target Global Trade Routes
Chinese blockchain Conflux has announced plans to support a new offshore yuan stablecoin in partnership with AnchorX and Eastcompeace Technology. The stablecoin will be aimed at countries involved in China’s Belt and Road Initiative (BRI), offering a digital settlement tool for cross-border trade. The move aligns with growing momentum behind yuan-backed digital assets amid geopolitical shifts in global payments.
Major Technical Upgrade Coming in August
Alongside the stablecoin push, Conflux is preparing for its 3.0 network upgrade, scheduled for August. The new version will reportedly support up to 15,000 transactions per second, aimed at powering large-scale financial applications, including real-world asset settlements and cross-border payments. CFX, Conflux’s native token, surged 57% on the announcement.
China Eyes Stablecoins Despite Crypto Crackdown
While China bans domestic crypto trading, it continues to explore stablecoin innovations through offshore channels. Hong Kong’s new licensing regime for stablecoin issuers is expected to go live in August, adding fuel to speculation that China could use offshore yuan-pegged coins as strategic financial tools. Tech firms like JD.com and Ant Group are already lobbying for approvals to issue such stablecoins.
