The Chinese public chain project Conflux Network recently announced two major plans, not only previewing the launch of Conflux 3.0 in August this year but also announcing plans to issue 'offshore RMB' stablecoins and conduct tests in 'Belt and Road' participating countries.
According to a report reposted on the Shanghai Municipal Government's official website yesterday (20th), the Conflux team recently announced at the ecological development conference that they have reached a cooperation with fintech company AnchorX and Shenzhen-listed company Eastcompeace Technology. The three parties will work together to promote the issuance of offshore RMB stablecoins, cross-border settlements, RWA, and other projects in some 'Belt and Road' participating countries, and will conduct pilot testing in Central Asia and Southeast Asia.
'Conflux 3.0' will go live in August, targeting cross-border settlements.
In addition to stablecoin plans, Conflux also announced that a fully upgraded 'Conflux 3.0' will be launched in August.
According to official statements, the new mainnet can handle up to 15,000 transactions per second (TPS); the transaction confirmation time has also been reduced from within 30 seconds to within 26 seconds; in terms of compatibility upgrades, 'Conflux 3.0' will be fully compatible with the Ethereum Virtual Machine (EVM) ecosystem, which will further support large-scale application scenarios such as cross-border payments and real-world asset (RWA) settlements.
Driven by news, Conflux's native token CFX surged 57% in the past 24 hours, with a current price of about $0.22, and a market capitalization exceeding $1.1 billion.
On the other hand, partner Eastcompeace (Shenzhen listed: 002017) saw its stock price soar 10% on Monday, closing at 20.33 RMB (about $2.83), hitting the daily limit up.
In fact, Conflux and AnchorX revealed as early as early July that they were studying the issuance of a stablecoin named 'AxCNH' for offshore RMB, which will be supported by Conflux Network's technology and aimed at cross-border settlement application scenarios.
The topic of offshore RMB stablecoins has recently gained traction, closely related to China's recent policy direction. The Governor of the People's Bank of China, Pan Gongsheng, publicly stated last month that stablecoins and central bank digital currencies (CBDC) are accelerating the reshaping of global payment infrastructure, and announced the establishment of an 'e-CNY International Operation Center' in Shanghai to further enhance the global influence of the RMB.
In Hong Kong, the Monetary Authority (HKMA) launched a stablecoin issuer sandbox last year, allowing participants to test the issuance process and business models of stablecoins within a controlled environment. The selected participants include Standard Chartered Bank, Animoca Brands, Hong Kong Telecom, JD Chain Technology (Hong Kong), and Yuan Coin Innovation Technology.
It is worth noting that Hong Kong's (Stablecoin Regulation) will officially take effect on August 1, at which time the licensing system for stablecoin issuers will also be implemented. JD and Ant Group both intend to apply for licenses to issue Hong Kong dollar stablecoins.
According to a recent report by (Reuters), Chinese tech giants such as JD.com and Ant Group have been actively lobbying the People's Bank of China for authorization to issue 'offshore RMB' stablecoins in Hong Kong to counter the growing influence of US dollar stablecoins.
"Planning to issue 'offshore RMB' stablecoin! Public chain Conflux's native token CFX surged 57%" was first published on (Blockke).
