China-based Conflux blockchain plans offshore yuan stablecoin, 3.0 upgrade in August.
In a state media report posted Sunday on the Shanghai government's website, Conflux announced over the weekend at its conference that it has partnered with fintech firm AnchorX and Shenzhen-listed Eastcompeace Technology to develop offshore yuan-pegged stablecoins.
The trio said they plan to issue stablecoins pegged to the offshore yuan for use in countries participating in the Belt and Road Initiative (BRI). The BRI is China's flagship international development strategy aimed at promoting market integration and forging new economic ties. China has signed BRI memoranda of understanding with over 140 countries, including Singapore, Indonesia, Malaysia and Kazakhstan.
