Conflux announces plan to launch a yuan-backed stablecoin

Chinese blockchain developer Conflux has rolled out the third iteration of its public network and announced plans for a stablecoin pegged to the offshore Chinese yuan.

Based on a Shanghai municipal government report, Conflux revealed these updates over a 3‑day conference held over the weekend. At the gathering, the firm said it would work with fintech company AnchorX and IT security vendor Eastcompeace to bring the offshore yuan‑backed stablecoin to market.

We are proud to forge a stablecoin alliance with @TokenPocket_TP as our strategic partner.

Together, we build an unshakeable foundation for the future of digital global payment. https://t.co/bt2l7CmrKC

— Conflux Network Official (@Conflux_Network) July 21, 2025

This announcement comes after AnchorX secured in‑principle approval of the yuan-backed coin, AxCNH, from Kazakhstan’s Astana Financial Services Authority. It is not yet clear whether the initiative by Conflux falls under AxCNH, and neither Conflux, AnchorX, nor Eastcompeace had offered comments at press time.

Conflux had also struck a deal with a crypto wallet firm TokenPocket to help introduce this yuan-backed stablecoin to a broader user base. In a post on X, TokenPocket said it would run pilot projects for Southeast Asia, and Central Asia, along with other priority regions in collaboration with AnchorX and Conflux.

Alongside the stablecoin news, Conflux unveiled its Conflux 3.0 upgrade. The company mentioned that this new version can handle over 15000 transactions in one second and includes built‑in support for on‑chain AI agent calls.

Market reaction was swift. Conflux native coin CFX climbed through the weekend from a price of $0.1055 by Sunday to a price of $0.2298 at press time, marking a rise of almost 127.51 percent.

Conflux said the yuan-backed stablecoin will target offshore Chinese businesses and nations taking part in China’s Belt and Road Initiative. It will look into real‑world asset applications as part of its rollout.

China launched the Belt and Road Initiative in 2013 to boost its global influence through large‑scale infrastructure and trade links. 

The plan seeks to connect continents like Europe, Asia, and Africa via land and sea corridors, supporting investment and trade through roads, rail networks, digital systems, and ports.

China’s 2nd-largest fund launches world’s first renminbi tokenized money fund

In related news from the stablecoin sector, Hong Kong has seen a surge of interest in recent weeks. Up to 40 applications for stablecoin licences have been filed in the city.

Applicants include major firms, including JD.com, Circle, and Ant Group. Their bids come after Hong Kong’s government unveiled a framework called “LEAP,” which takes effect on August 1 and sets out licensing rules for the issuers of stablecoins.

Under the new regime, the city’s Securities and Futures Commission will oversee the granting of licences to stablecoin providers, a move authorities say will help foster use cases in the real world.

Meanwhile, China Asset Management’s Hong Kong unit, the country’s 2nd largest fund, launched the world’s 1st renminbi‑denominated tokenized money fund on Thursday. 

“Our tokenised products are designed to welcome the arrival of stablecoins, whether it is Hong Kong dollars, renminbi or U.S. dollar,” said Tian Gan, CEO of ChinaAMC Hong Kong. He was referring to the city’s upcoming stablecoin rules scheduled to kick in on August 1.

Gan added that his firm aims to be among the first to provide yield‑bearing products tailored for stablecoin users.

According to a Reuters report earlier this month, China’s leading tech companies have urged the national bank to let stablecoins tied to the offshore yuan launch in Hong Kong. They argue this step could boost China’s currency globally and offer a counterweight to the growing digital dominance of the U.S. dollar.

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