Conflux, a leading blockchain protocol based in China, has officially launched an offshore yuan pegged stablecoin alongside its Conflux 3.0 upgrade. The token, pegged 1:1 to the offshore Chinese yuan, is planned as a cross border payment solution targeting countries involved in China’s Belt and Road Initiative.
Developed in partnership with fintech provider AnchorX and IT security firm Eastcompeace, the stablecoin likely named AxCNH has already received in principle approval from Kazakhstan’s Astana regulator. Conflux is beta testing the token in Central Asia, Southeast Asia, and other Belt and Road markets through wallet provider TokenPocket.
Conflux 3.0 significantly increases network throughput, offering over 15,000 transactions per second and native support for on chain AI calls. The new stablecoin integration aims to empower international yuan denominated commerce, with a focus on institutional clients and real world trade settlement.
The move enhances China’s global financial outreach, serving as a bridge between fiat infrastructure and decentralized networks. If successful, this stablecoin could facilitate streamlined cross border remittances and trade transactions in the Chinese currency anchoring yuan utility to blockchain innovation.
