Chinese blockchain L1 Conflux teases a new upgrade, offshore eyes yuan stablecoin

Conflux Network, a Chinese Layer 1 Blockchain, is preparing to deploy an upgrade of the major network while entering the stablecoin arena with a digital currency pointed out in Yuan designed for international use.

During a weekend conference, Conflux revealed its collaboration with the company Fintech Anchorx and EastComptace technology listed in Shenzhen to develop a stablecoin linked to the Yuan Offshore.

The announcement, published on the Shanghai government’s website, reports an increasing effort to extend the financial imprint of China through the belt and road countries (BRI).

These include key regional partners such as Singapore, Indonesia, Malaysia and Kazakhstan.

The proposed yuan stablecoin aims to supply BRI cross -border payments

The proposed stablecoin is intended to facilitate cross -border payments and trade among the participants of BRI, by taking advantage of the blockchain infrastructure while remaining aligned with Chinese regulatory preferences.

This decision comes in the midst of broader discussions at the state level on the role of stablescoins and digital currencies to reshape the global financial system.

Conflux also unveiled plans for Conflux 3.0, the last network upgrade scheduled for the release in August.

With a reported processing of transactions up to 15,000 TP (transactions per second), the upgrade is positioned to allow large -scale regulations for real assets and cross -border payments.

The market responded quickly. The native token of Conflux, CFX, jumped 57% in the last 24 hours, reaching $ 0.22 with a market capitalization of $ 1.1 billion, according to the block.

Meanwhile, Eastcompace’s shares have joined 10% on the Shenzhen scholarship, reaching the daily limit.

Earlier this month, Conflux shared that Anchorx developed “AXCNH”, a stablecoin supported by the Yuan Offshore and supported by the Conflux infrastructure.

The initiative is aligned with the comments of the governor of the Bank of China, Pan Gongsheng, who declared in June that the Stablecoins and the CBDC transformed world payments.

The Hong Kong regulatory landscape is also traveling in parallel. A new license granting regime for Stablecoin issuers should start on August 1, adding additional legitimacy to the sector.

Large Chinese companies such as JD.com and Ant Group would have put pressure on approval in order to issue stablescoins supported by Yuan abroad.

The former Chinese finance official pushes stablescoins in yuan

Last week, the former deputy finance minister Zhu Guangyao urged the integration of stablescoins supported by the Yuan in the high -level financial policy of China, citing the growing world role of stablecoins stung in dollars.

Speaking during a seminar behind closed doors, Zhu warned that the stables of the US dollar served as an extension of American monetary domination, calling them the “third phase” of the Bretton Woods system.

He underlined explosive volumes of stablecoin transaction in 2024, exceeding the visa and the Mastercard card, and underlined the American efforts to consolidate regulatory control through new legislation such as the Lummis – Gillibrand law.

This decision, argued ZHU, improves the global scope and liquidity of the dollar while limiting the space for the growth of non -dollar stablescoin.

Zhu proposed that China treats Hong Kong as a regulatory sandbox, develops stablescoins in offshore and domestic yuan and monitor how the United States applies the laws of the stable reserve, especially against foreign issuers.

He stressed that Yuan Stablecoins could diversify global payment systems and support the internationalization of currencies without risking the liberalization of capital accounts.

The Chinese post L1 Blockchain Conflux teases a new upgrade, Eyes offshore Yuan Stablecoin appeared first on Cryptonews.

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