July 23, 2025
By Anjali Kochhar
Conflux, a leading Layer-1 blockchain based in China, has launched a new offshore yuan-pegged stablecoin alongside its latest protocol upgrade, Conflux 3.0. This dual announcement signals a bold move to enhance cross-border finance infrastructure, particularly in alignment with China’s Belt and Road Initiative.
The Conflux 3.0 upgrade introduces significant improvements in network throughput, scalability, and functionality. With a target speed of over 15,000 transactions per second, the upgrade supports on-chain AI agent integration and is tailored for large-scale real-world asset tokenisation and international settlements. Internally known as the “Tree Graph” upgrade, this development strengthens Conflux’s positioning as a high-performance blockchain platform for enterprise and government-level use cases.
Alongside the upgrade, Conflux announced the launch of a new stablecoin named AxCNH, which is pegged 1:1 to the offshore yuan (CNH). This initiative is in partnership with fintech firm AnchorX and smart card provider Eastcompeace Technology. AxCNH is designed for international use, with initial pilot programs set to begin in Central and Southeast Asia.
AnchorX had previously secured regulatory approval for AxCNH from Kazakhstan’s Astana Financial Services Authority in February. It is not yet confirmed whether the stablecoin announced with Conflux is the same as the one approved earlier, but both are part of a broader strategy to enable compliant yuan-denominated digital payments beyond China’s mainland.
To drive adoption, Conflux has partnered with TokenPocket, a widely used crypto wallet with over 30 million users. TokenPocket will offer direct support for AxCNH, helping to expand its reach across institutional and retail users in key global markets. This partnership plays a crucial role in facilitating stablecoin access and usage in the targeted regions.
The announcement sparked immediate interest from investors. Conflux’s native token, CFX, witnessed a dramatic price surge over the weekend, rising from around $0.105 to $0.22. Trading volumes also soared, exceeding $1.7 billion in 24 hours. This growth pushed Conflux’s market capitalisation above the $1 billion mark, reflecting strong market confidence in the project’s direction.
The timing of this move is significant, as Hong Kong prepares to introduce its stablecoin licensing regime in early August. Several major firms, including Circle and Ant Group, are seeking approval under this framework. With Conflux’s technological advancements and stablecoin initiative, it is emerging as a serious player in the global digital finance landscape.
About the author
Anjali Kochhar covers cryptocurrency and blockchain stories in India as well as globally. Having been in the field of media and journalism for over four years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
