Chinese Blockchain Conflux Doubles on Yuan Stablecoin

Conflux’s token saw a powerful market reaction following the weekend announcements, with prices soaring and investor interest flooding in. CFX jumped sharply within 24 hours, reaching price levels not seen since December. Trading volume surged dramatically, and the network’s market cap briefly pushed it into the ranks of the top 120 cryptocurrencies. The strong momentum positioned CFX as one of the weekend’s top-performing digital assets, signaling renewed confidence in the project’s long-term potential.

One of the major announcements driving the rally was the introduction of a strategic partnership between Conflux, AnchorX, and Shenzhen-listed Eastcompeace Technology to issue an offshore yuan-pegged stablecoin. The digital currency is intended for cross-border payments within China’s Belt and Road Initiative (BRI) corridors. While AnchorX had previously received “in principle” approval from Kazakhstan’s Astana Financial Services Authority for a stablecoin dubbed AxCNH, it remains unclear whether this new initiative is directly connected or represents a separate instrument. Conflux is also collaborating with crypto wallet TokenPocket to pilot the stablecoin in Central and Southeast Asia, signaling its intent to expand its role in real-world trade infrastructure.

The Shanghai conference also served as the launchpad for Conflux 3.0, a major technical upgrade scheduled for release in August. The update promises a fivefold increase in throughput, up to 15,000 transactions per second, and includes native support for on-chain AI agent calls. These improvements are intended to accommodate high-volume use cases such as global settlement systems and tokenized asset issuance. Dr. Guang Yang, Conflux's Chief Technology Officer, emphasized the importance of these features as part of the blockchain’s evolution toward becoming a globally competitive infrastructure layer.

Conflux’s status as a regulatory-approved, public Layer 1 blockchain positions it as a key component in China’s broader digital strategy. The yuan-pegged stablecoin is expected to facilitate offshore RMB settlements for trade partners across the BRI, helping to internationalize China’s currency while offering an alternative to traditional USD-based transactions. Conflux has already tested its compliance credentials in previous partnerships, including blockchain SIM cards with China Telecom, pilot NFTs with McDonald’s China, and metaverse trials in Shanghai.

Investor enthusiasm surged in response to the dual announcements. Over the weekend, Conflux became one of the top gainers in the crypto market. By Sunday morning, CFX had reached $0.23, reflecting a 100 percent increase. The sharp rise was driven by growing anticipation around the upcoming Conflux 3.0 upgrade and the newly announced yuan-pegged stablecoin, both seen as pivotal to the network’s future direction. The Shanghai event, which ran from July 18 to 20, featured detailed presentations from Conflux leadership, adding further legitimacy to the roadmap and fueling optimism for long-term growth.

Despite the surge, uncertainties linger. It remains to be seen whether the yuan stablecoin will be made available to the general public or remain limited to institutional or regional pilots. The project’s success will depend heavily on cross-jurisdictional regulatory acceptance, especially as stablecoins continue to face scrutiny from central banks and financial watchdogs around the world. The ability to navigate these constraints while securing public trust and maintaining compliance will determine the real-world viability of the offshore yuan project.

Conflux’s twin announcements have reignited market attention and placed the project firmly in the spotlight. The next few months will be crucial in determining whether these ambitious plans translate into long-term impact, as Conflux attempts to bridge blockchain innovation with geopolitical infrastructure.