Chinese blockchain firm Conflux has introduced the third version of its public network, Conflux 3.0, while also unveiling a new stablecoin pegged to the offshore Chinese yuan. The launch, which took place during a recent three-day industry conference, forms part of the company’s broader objective to support cross-border payments within the scope of China’s Belt and Road Initiative (BRI).
The event, reportedly covered by the Shanghai municipal government, served as the platform for Conflux to announce its collaboration with fintech company AnchorX and security technology provider Eastcompeace. This partnership is expected to facilitate the development and rollout of the newly revealed stablecoin, which will be backed by offshore yuan reserves.
Although the specific name of the stablecoin was not confirmed, the news follows a recent regulatory nod given to AnchorX’s stablecoin, AxCNH, by Kazakhstan’s Astana Financial Services Authority. It remains unclear whether the stablecoin tied to Conflux is the same project or an entirely separate initiative, as no confirmation had been issued by the companies involved by the time the report was published.
In addition to its collaboration with AnchorX and Eastcompeace, Conflux also disclosed a new alliance with cryptocurrency wallet provider TokenPocket. The latter announced that it plans to initiate pilot programs in strategic regions such as Central Asia and Southeast Asia, leveraging its partnership with Conflux and AnchorX to promote the offshore yuan-backed stablecoin to its user base.
Alongside these developments, Conflux 3.0 was introduced as a technologically upgraded version of its blockchain, capable of processing over 15,000 transactions per second. The network also features built-in support for on-chain artificial intelligence agent interactions, signaling a leap forward in terms of blockchain scalability and utility.
The newly introduced stablecoin is being positioned to serve Chinese enterprises operating offshore and nations aligned with China’s BRI framework. Conflux emphasized that, in addition to cross-border payments, the stablecoin will also explore opportunities in real-world asset applications, indicating a focus on practical utility beyond digital currencies.
The Belt and Road Initiative, which began in 2013, is a comprehensive infrastructure and investment strategy launched by China to connect Asia with Africa and Europe through a series of transportation and trade projects. The initiative seeks to enhance global commerce by constructing roads, ports, railways, and digital infrastructure across various continents.
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
Conflux’s latest stablecoin offering is part of a growing trend among Chinese firms aiming to establish dominance in the stablecoin sector. Recent reports from Cointelegraph’s Chinese edition revealed that Hong Kong had seen a surge in stablecoin license applications, with around 40 companies, including prominent names like JD.com, Ant Group, and Circle, seeking regulatory approval.
This wave of applications comes in response to Hong Kong’s new digital asset policy known as LEAP, which introduces a licensing regime for stablecoin issuers beginning August 1. The regulatory responsibility will rest with the Securities and Futures Commission, aiming to foster real-world blockchain use cases through structured compliance.
While mainland China has traditionally maintained a highly restrictive stance toward cryptocurrencies, indications suggest a potential shift in its approach to stablecoins. Earlier this month, the Shanghai branch of the State-owned Assets Supervision and Administration Commission convened a meeting to assess strategic actions concerning digital currencies. Following this meeting, the head of the agency reportedly advocated for increased attentiveness to technological innovation and deeper research into the evolving landscape of digital assets.
Through its latest initiatives, Conflux appears to be positioning itself at the forefront of China’s evolving blockchain policy environment, advancing both technological innovation and international utility aligned with national economic strategies.
