Conflux Blockchain Launches Offshore Yuan-Backed Stablecoin
Conflux, a leading Chinese blockchain platform, has introduced an offshore yuan-backed stablecoin designed for cross-border payments under China’s Belt and Road Initiative. The release accompanies Conflux 3.0, a significant upgrade supporting over 15,000 transactions per second and onchain artificial intelligence agent calls.
Strategic Partnerships Drive Adoption
Conflux has partnered with fintech firm AnchorX and IT security company Eastcompeace to develop this stablecoin. It aims to serve offshore Chinese businesses and Belt and Road countries. TokenPocket, a crypto wallet provider, will help promote the stablecoin in Central and Southeast Asia.
Regulatory Developments and Future Outlook
Hong Kong has seen rising interest in stablecoins, with 40 license applications submitted. Mainland China may reconsider its cautious stance as regulators discuss digital currencies. “Stablecoins could play a pivotal role in global trade,” said a blockchain analyst.
