Conflux Network Announces Offshore Yuan Stablecoin and Conflux 3.0 Upgrade

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Chinese Layer 1 blockchain Conflux Network has unveiled plans to develop an offshore yuan-pegged stablecoin in collaboration with fintech firm AnchorX and Shenzhen-listed Eastcompeace Technology.

The announcement was made during a recent conference and reported by state media on the Shanghai government’s website.

The stablecoin is intended for use in Belt and Road Initiative (BRI) partner countries, facilitating cross-border transactions in China’s international economic strategy. Over 140 nations, including Singapore and Indonesia, have signed BRI agreements.

Additionally, Conflux revealed its upcoming Conflux 3.0 upgrade, set for August launch, which promises 15,000 TPS processing power to support large-scale cross-border settlements and real-world asset tokenization.