Who Can Become the Technical Foundation for China's Stablecoins? Four 'National-Level' Public Chains Compete

As stablecoins become a strategic new track, China is forming blockchain infrastructure led by the 'national team.' This article will review four major public chains: BSN, Xinghuo Chain Network, Chang'an Chain, and Conflux, analyzing who is most likely to become the technical foundation for China's stablecoins. (Background: Is a stablecoin just a 'digital transit card'? A cognitive warfare that stifles Taiwan's crypto future) (Supplementary background: Hong Kong's stablecoin bill released: Controversy over KYC for holders, prohibition of DeFi and privacy agreements) Stablecoins are becoming a strategic new track for major global economies, with the United States, European Union, Hong Kong, and others competing to introduce regulatory frameworks to seize the initiative. However, the issuance of any stablecoin is inseparable from a key underlying infrastructure: public chains. Against this backdrop, the industry viewpoint that 'our country currently lacks globally influential public chains, which should be led by central state-owned enterprises' has sparked heated discussion. This viewpoint is not unfounded, but it also easily overlooks a fact: since blockchain was elevated to a national strategic level in 2016, a blockchain infrastructure network led by the 'national team' with the goal of serving the real economy has already taken shape. From the global connector BSN, the industrial base 'Xinghuo Chain Network', to the technical cornerstone 'Chang'an Chain', and then to the public chain 'exception' Conflux, they together form China's unique blockchain landscape. As the demand for stablecoins becomes increasingly urgent, among these networks, who is most likely to break through the encirclement and become the trust foundation for China's stablecoin vision, aimed at the global market? To accurately understand China's strategic intentions, it is necessary to redefine the term 'public chain' (public blockchain) in the Chinese context. Directly equating it with permissionless chains can lead to serious conceptual biases. In China, the 'public chain' promoted at the national level is essentially closer to a 'public infrastructure' or 'trust infrastructure' that is guided by the state, allows for multiple parties to participate, but is ultimately controllable. Among them, several of the more influential ones in the industry are the Blockchain Service Network (BSN), 'Xinghuo Chain Network', 'Chang'an Chain', and the recently discussed public chain Conflux. PANews conducts an analysis of these blockchain networks to see who is more likely to become the foundation for China's stablecoins? Blockchain Service Network (BSN): Multi-framework adaptation, focusing on non-token concepts In 2018, BSN was jointly initiated by the National Information Center, China Mobile, China UnionPay, and Beijing Hongzao Technology, and is a public blockchain infrastructure. Currently, it consists of BSN dedicated networks and BSN public networks, where the BSN dedicated network mainly serves enterprises, primarily as the 'BSN Distributed Cloud Management Platform', which supports the establishment of a decentralized cloud system environment based on blockchain in various physical IDC data centers, public clouds, and private clouds. The BSN public network is more aligned with the concepts of public chains and consortium chains that we are familiar with. In the BSN public network system, it is divided into the BSN-DDC basic network (open consortium chain aimed at China) and the BSN Spartan network (a public decentralized cloud service network composed of non-token public chains) aimed at overseas markets. Currently, in the DDC network system, there are several open consortium chains, including Yan'an Chain, Wenchang Chain, Tai'an Chain, Wuhan Chain, and China Mobile Chain. These networks adopt frameworks such as Ethereum, EOS, FISCO BCOS, and Corda, with primary application scenarios including NFT (digital collectibles), decentralized domains, decentralized identities (DID), and trusted data certification, etc. The DDC network system is a consortium chain system, and there is no token design; the usual on-chain service fees need to be recharged through fiat currency, targeting the domestic market. The consensus mechanism of the BSN Spartan network is more aligned with public chains like Ethereum, but its difference remains as a non-token public chain. Currently, the BSN Spartan has three subchains based on Ethereum, Cosmos, and Polygon Edge. As of August 4, the daily transaction volumes of these three chains were 1,068, 844, and 938, respectively. Overall, the core innovation of BSN lies in its multi-framework adaptation, with unified adaptation and management capabilities for dozens of mainstream blockchain underlying frameworks worldwide (including consortium chains and public chains). Through a standardized adaptation mechanism, developers can choose different underlying chains 'plug and play' without worrying about the complex deployment and maintenance details, akin to a universal 'operating system' for a blockchain world. However, for the increasingly strong demand for stablecoins, BSN's failure to open a token mechanism may become a constraint. He Yifan, executive director of the BSN Development Alliance and CEO of Hongzao Technology, has repeatedly expressed extreme dislike for virtual currencies, asserting that virtual currencies are a massive Ponzi scheme. 'Xinghuo Chain Network': Supported by the Ministry of Industry and Information Technology, focusing on the industrial sector According to official information, 'Xinghuo Chain Network' is a national-level blockchain new integrated infrastructure system constructed under the leadership and special support of the Ministry of Industry and Information Technology, led by the China Academy of Information and Communications Technology in conjunction with large enterprises such as Beihang University, Beijing University of Posts and Telecommunications, and China Unicom. From an architectural perspective, 'Xinghuo Chain Network' is divided into two layers: the first layer is the main chain composed of super nodes, used for managing identifiers, public data, or other legal assets and regulations provided by the state in the future. The second layer is a subchain connected by backbone nodes, through which various industry or regional applications are linked. It is worth noting that 'Xinghuo Chain Network' is a permissioned public blockchain network, and according to current data, it also lacks a token design. Similarly, 'Xinghuo Chain Network' is divided into a domestic network mainnet and an international version ASTRON network. Currently, the established super nodes of 'Xinghuo Chain Network' include Xiamen, Liuzhou; backbone nodes include Jiaozhou, Hengqin, Suzhou, etc.; international nodes include Malaysia, Macau, etc. The node access threshold for 'Xinghuo Chain Network' is relatively high, requiring local governments to promote construction. The application scenarios of 'Xinghuo Chain Network' are highly focused on the industrial sector, including: full life cycle traceability of high-end manufacturing products, collaborative management of complex supply chains, digital identity certification and predictive maintenance of industrial equipment, and trusted sharing and trading of industrial data. Chang'an Chain (ChainMaker): Frequently written into policy plans, participation of state-owned enterprises and internet giants 'Chang'an Chain' is led by the Chang'an Chain Ecosystem Alliance, which is initiated by the Beijing Microchip Blockchain and Edge Computing Research Institute (referred to as 'Microchip Institute') under the guidance and support of the Beijing municipal government. The Chang'an Chain Ecosystem Alliance includes key central state-owned enterprises in areas such as the State Grid, China Construction Bank, Industrial and Commercial Bank of China, China Unicom, COFCO Group, as well as internet giants like Tencent and Baidu. Currently, the number of alliance members has exceeded 50. In November 2021, 'Chang'an Chain' was included in the '14th Five-Year Plan' for international scientific and technological innovation construction in Beijing. In January 2022, 'Chang'an Chain' was included in the Beijing government work report. In 2025 (Beijing's Blockchain Innovation Application Development Action Plan (2025-2027)), 'Chang'an Chain' was mentioned again. In addition to its profound background, 'Chang'an Chain' also has significant technical advantages. Officially, it claims that its transaction throughput (TPS) can reach hundreds of thousands, capable of meeting high concurrency demands in large-scale financial and governmental scenarios. Conflux: Built by Tsinghua's 'Yao Class', the only public chain in China that issues tokens Unlike the above several blockchain networks with obvious consortium chain characteristics, Conflux is currently the only public chain in China that complies with regulatory requirements...