Chinese blockchain platform Conflux announced the launch of its public network’s third version and a new offshore yuan-backed stablecoin.
Announcement of New Conflux Network Version
At a three-day conference in Shanghai, Conflux unveiled its new network version 3.0, which the company claims can process over 15,000 transactions per second. A partnership with AnchorX and Eastcompeace was also announced to support the new stablecoin.
Goals of the New Stablecoin
The new stablecoin aims to support offshore Chinese entities and countries involved in the Belt and Road Initiative. Conflux plans to leverage real-world asset applications for better engagement in this area.
Current State of the Stablecoin Market in China
The introduction of a new stablecoin from Conflux adds competition to the growing stablecoin market in China. Recently, Hong Kong received over 40 applications for stablecoin licenses, including from major companies like JD.com and Ant Group. Despite the strict regulations surrounding cryptocurrencies on the mainland, discussions are underway to improve regulatory measures.
With the launch of its new stablecoin and updated platform version, Conflux aims to expand its influence in the blockchain sphere and strengthen China's position in international markets.
