Conflux 3.0 Teases Offshore Yuan-Pegged Stablecoin Launch
Conflux Network, the Chinese Layer 1 blockchain, is stirring up some serious excitement with the announcement of Conflux 3.0. But wait, there’s more: they’re also planning to roll out a stablecoin pegged to the offshore yuan. Talk about making moves in the financial world!
So, here’s the deal: over the weekend, Conflux announced at a conference that it’s teaming up with fintech firm AnchorX and Shenzhen-listed Eastcompeace Technology to launch this yuan-pegged stablecoin. These stablecoins are set to be used in countries participating in China’s Belt and Road Initiative (BRI). This initiative, in case you didn’t know, is China’s strategy to boost market integration and forge fresh economic ties with over 140 countries, including Singapore, Malaysia, and Kazakhstan. The stablecoin will likely become a key player in that game.
And as if that wasn’t enough, Conflux 3.0 is set to go live in August, and it’s packing some serious heat. With a processing power of 15,000 TPS (transactions per second), this upgrade is all about making cross-border payments and real-world asset settlements smoother than ever. I can already hear the blockchain enthusiasts salivating.
Conflux’s Market Surge and Stablecoin Hype
On the market front, Conflux’s CFX token is doing pretty well, surging by 57% in the past 24 hours to $0.21. Not bad for a project that’s just starting to heat up. The market cap? A cool $1.1 billion.
Meanwhile, Eastcompeace Technology’s stock jumped a healthy 10%, hitting the daily price cap in Shenzhen, always a good sign when a partner’s stock is trending upward.
Now, let’s talk about this stablecoin-AnchorX is diving into the deep end, exploring the possibility of launching “AxCNH,” a stablecoin pegged to the offshore yuan, with Conflux providing the technical backup. This all aligns with the growing buzz surrounding stablecoins, especially after Chinese central bank chief Pan Gongsheng acknowledged in June that stablecoins and digital currencies are reshaping global payments. If that doesn’t scream “big shift” to you, I don’t know what does.
And here’s where things get spicy: Hong Kong’s stablecoin licensing regime kicks in on August 1, and China’s tech giants, like JD.com and Ant Group, are lobbying hard for the approval of offshore yuan-based stablecoins. Seems like the global stablecoin race is officially on, and China is not about to miss out.
While China is still playing hardball with crypto trading and mining, Hong Kong is being a bit more friendly to the crypto world. With a licensing regime in place for exchanges, the region is taking a more open approach. If that’s any indication, the yuan-pegged stablecoin could be just the beginning of something much bigger.
So, whether you’re into blockchain or just following the money, it’s clear that Conflux is making some serious plays. The world is watching. Let’s see how Conflux 3.0 and the stablecoin project shake things up.
Kristian Koch
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