Conflux revolutionizes crypto with stablecoin in yuan and Conflux 3.0!
Is a state-backed crypto giant challenging the digital dollar?
#ConfluxNetwork , a layer 1 blockchain based in China, announced two transformative milestones during its conference in Shanghai, the launch of #conflux 3.0 in August and a collaboration to issue a stablecoin linked to the offshore yuan (CNH).
In partnership with fintech AnchorX and Eastcompeace Technology, Conflux plans to introduce a stablecoin, possibly the AxCNH (provisionally approved by Kazakhstan in February), to facilitate cross-border payments in over 140 countries of the Belt and Road Initiative (BRI), including Singapore, Indonesia, Malaysia, and Kazakhstan.
This stablecoin aims to reduce costs, accelerate transactions, and promote economic integration in the BRI, challenging traditional systems like SWIFT.
Conflux 3.0 will elevate processing capacity to 15,000 TPS, supporting large-scale settlements of cross-border payments and real-world assets (RWA), in addition to integrating native support for on-chain AI agents.
The announcement triggered a 57% price surge of CFX in 24 hours, reaching $0.22 with a market capitalization of $1.1 billion.
The initiative, backed by Hong Kong's favorable regulatory environment for stablecoins (effective from August 1), positions Conflux as a leader in digital currency adoption in Asia, amplifying the global impact of the digital yuan and consolidating its nickname as the “Chinese Ethereum”.
#Altcoins! #AltcoinStrategies $CFX
