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Conflux Debuts Public Network 3.0 and Offshore Yuan-Based Stablecoin for Belt and Road Nations
Conflux, a leading Chinese blockchain project, has officially launched its Public Network 3.0 alongside an offshore Chinese Yuan (CNH)-pegged stablecoin. The stablecoin is strategically tailored for nations participating in China's ambitious Belt and Road Initiative (BRI). The announcement took center stage during a three-day event last weekend, according to Cointelegraph's coverage dated July 21.
Collaborating with fintech innovator AnchorX and cybersecurity leader Eastcompeace, Conflux introduced the offshore CNH-backed stablecoin under the endorsement of the Shanghai Municipal Government. This move closely follows AnchorX's achievement earlier this year—specifically, receiving conditional approval from Kazakhstan’s Astana Financial Services Authority (AFSA) in February for its yuan-pegged stablecoin, AxCNH. However, it remains uncertain whether Conflux's stablecoin is a direct extension of the AxCNH initiative.
Strategic Partnerships for Stablecoin Adoption
To drive adoption and expand regional influence, Conflux has formed a partnership with digital asset wallet provider TokenPocket. In their official statement on X (formerly Twitter), TokenPocket announced its collaboration with Conflux and AnchorX to launch pilot programs across Central Asia and Southeast Asia—key territories under the BRI framework.
Conflux’s Public Network 3.0 brings advanced functionality to the blockchain space, boasting the capacity to process over 15,000 transactions per second. The newly launched network also integrates seamless support for on-chain AI agent calls, opening new avenues in automation and smart contract-driven workflows. Leveraging these technological advancements, Conflux aims to enable practical real-world applications for its stablecoin, particularly in use cases tied to real-world assets.
Supporting China's Belt and Road Initiative with Blockchain Innovations
The offshore CNH-based stablecoin focuses on empowering businesses and countries aligned with the Belt and Road Initiative—a large-scale economic and infrastructure strategy introduced by China in 2013. BRI aims to connect Asia, Africa, and Europe through extensive developments in transport, trade, and digital ecosystems, further solidifying China’s global economic reach.
Conflux’s commitment aligns with the broader goal of leveraging blockchain technology to enhance cross-border trade and financial efficiency. Through its innovative stablecoin, the company seeks to provide a modern solution for secure transactions while bridging the divide between traditional financial systems and emerging blockchain ecosystems.
Amid Rising Stablecoin Competition in China
Conflux's announcement arrives amid intensifying competition in China's stablecoin market. In Hong Kong alone, over 40 applications for stablecoin issuance licenses have emerged this month—including filings from tech giants JD.com, Ant Group, and Circle.
Starting August 1, Hong Kong introduces a robust regulatory framework aimed at governing stablecoin issuers. This framework, managed by the Hong Kong Securities and Futures Commission (SFC), establishes licensing requirements to bolster real-world applications of stablecoins while ensuring compliance and security.
China’s mainland also appears to be reconsidering its stringent stance on digital assets, including stablecoins. Earlier this month, a key meeting held by the Shanghai State-Owned Assets Supervision and Administration Commission (SASAC) deliberated the potential for stablecoin adoption. He Qing, a high-ranking official, underscored the importance of staying attuned to disruptive technologies and enhancing research efforts into digital currencies.
As China’s regulatory ecosystem evolves, stablecoins are increasingly viewed as pivotal to the future of digital finance and global trade. Conflux’s latest initiatives solidify its position as an innovative leader in this rapidly growing sector, further underscoring its role in shaping blockchain adoption and financial efficiency for Belt and Road economies.
Key Takeaways: Conflux Drives Blockchain Adoption in Global Trade
As China's Belt and Road Initiative continues to reshape global infrastructure and economic partnerships, blockchain innovation has emerged as a cornerstone in advancing financial inclusivity. With its Public Network 3.0 and offshore CNH stablecoin, Conflux sets a powerful precedent for leveraging decentralized technologies in real-world transactions.
This strategic step not only positions Conflux as a critical player in the fast-evolving blockchain arena but also supports China's mission to expand its global economic influence through modernized cross-border trade solutions. As stablecoin regulations mature in both mainland China and Hong Kong, Conflux’s approach offers the potential to drive the adoption of blockchain-backed stablecoins across Asian, African, and European markets.
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