Conflux Launches Yuan-Based Stable Coin... "Participating One-on-One"

"Targeting Overseas Payment Market with Offshore RMB-Linked Coin"

On the 21st, the Chinese blockchain project Conflux (CFX) announced the launch of an offshore RMB-based stablecoin and its entry into the payment market among Belt and Road Initiative participating countries. This announcement was officially made through a three-day conference held in Shanghai in mid-July.

While unveiling its public blockchain 3.0 network version, Conflux revealed its collaboration with fintech company Anchor X and security solution company 'East Compass' to develop an offshore RMB stablecoin. The coin targets payment systems in regions outside China's borders, such as Central and Southeast Asia.

This project began in late February when Anchor X received a conditional approval for its AxCNH stablecoin from the Kazakhstan Financial Supervisory Agency. However, it remains unconfirmed whether the coin launched by Conflux is the same project.

Conflux has also partnered with cryptocurrency wallet service TokenPocket to prepare promotions and pilot projects for global expansion. Conflux 3.0 is reported to be capable of processing over 15,000 transactions per second and includes on-chain AI call functionality.

The Belt and Road Initiative is a global infrastructure and economic connectivity strategy China has been pursuing since 2013, aimed at building an economic belt connecting Asia, Africa, and Europe. Conflux plans to participate in the Belt and Road Initiative by contributing to physical asset payments and overseas financial infrastructure using stablecoins.

Meanwhile, competition in stablecoins within China is intensifying. Earlier this month, the Hong Kong Securities and Futures Commission (SFC) announced the introduction of a new licensing system for stablecoin issuers starting in August. Major companies like JD.com, Ant Group, and Circle are known to have applied for licenses.

While mainland China has maintained a strict stance on cryptocurrency trading, there is now a mood of strategic re-examination of stablecoins. The Shanghai State-owned Assets Supervision and Administration Commission held a meeting earlier this month to discuss related response measures, and a regulatory official emphasized the need to "strengthen research and technological sensitivity towards digital currencies".

Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr