Conflux, a Chinese blockchain platform, has announced the launch of a new offshore yuan-backed stablecoin during its Conflux 3.0 network upgrade event in Shanghai.
Conflux Launches Offshore Yuan-Backed Stablecoin for Countries in China's Belt and Road Initiative
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This stablecoin, pegged 1:1 to the offshore Chinese yuan, aims to facilitate cross-border payments, particularly for countries involved in China’s Belt and Road Initiative. Conflux has partnered with fintech firm Anchorx to support the stablecoin’s development. The Conflux 3.0 upgrade enhances transaction processing capacity to over 15,000 transactions per second and includes features for onchain artificial intelligence agent calls. The initiative reflects a growing interest in stablecoins within China as regulatory attitudes towards digital currencies evolve, coinciding with Hong Kong’s new licensing regime for stablecoin issuers.
