Chinese blockchain Conflux to launch offshore yuan-backed stablecoin

Chinese blockchain Conflux has launched Conflux 3.0 and unveiled a new offshore yuan-backed stablecoin targeting “Belt and Road” cross-border payments.

Chinese blockchain Conflux announced the third version of its public network and introduced a new stablecoin backed by the offshore Chinese yuan.

According to a report from the Shanghai municipal government on Sunday, Conflux announced the developments during a three-day conference held over the weekend. At the event, Conflux unveiled a partnership with fintech firm AnchorX and information technology security firm Eastcompeace to support the launch of an offshore yuan-backed stablecoin.

The news follows AnchorX receiving in-principle approval for its yuan-pegged stablecoin AxCNH by Kazakhstan’s regulator, the Astana Financial Services Authority, in late February. It is unclear whether Conflux’s stablecoin is AxCNH or a separate project, and the involved companies had not responded to Cointelegraph’s inquiries by publication.

Conflux also partnered with crypto wallet TokenPocket to promote the stablecoin to its users. In an X announcement, the wallet’s team wrote that the firm will launch pilot projects in Central Asia, Southeast Asia and other key regions in partnership with Conflux and AnchorX.

The team also announced the introduction of Conflux 3.0, which the company said can process more than 15,000 transactions per second and natively supports onchain artificial intelligence agent calls.

Belt and Road use cases targeted

The new stablecoin aims to serve offshore Chinese entities and countries involved in China’s Belt and Road Initiative. The project will also explore real-world asset applications, according to Conflux.#GENIUSAct #BinanceHODLerC