Offshore RMB Stablecoin Set to Launch — U.S. Dollar Dominance Faces New Challenge
Source Tradingkey
TradingKey – Over the weekend, China’s public blockchain Conflux Network announced a strategic partnership with fintech firm AnchorX and Shenzhen-listed company Eastcompeace Technology (002017) to jointly develop an offshore RMB-pegged stablecoin.
The news sent shockwaves through the market:
- Conflux’s native token CFX surged over 110%, hitting $0.24, its highest level since December 2024
- Eastcompeace stock jumped 10%, reaching the daily limit at ¥20.33, a new all-time high
CFX Price Chart – Source: TradingView
The move comes amid a wave of regulatory clarity:
- On May 21, Hong Kong’s Legislative Council passed the Stablecoin Bill, establishing a licensing regime for fiat-backed stablecoin issuers
- On July 18, President Trump signed the GENIUS Act, officially codifying the legal framework for U.S. dollar stablecoins
Currently, USD-backed stablecoins dominate the market, with USDT and USDC accounting for over 84% of total stablecoin capitalization. These tokens effectively represent on-chain dollars, reinforcing the dollar’s global financial dominance. However, the launch of an offshore RMB stablecoin — tentatively named AxCNH — could disrupt this monopoly.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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