Conflux Network has announced significant initiatives, including the issuance of a stablecoin pegged to the offshore yuan and the upcoming Conflux 3.0 upgrade slated for August 2025. These steps highlight China's growing interest in blockchain and cross-border financing.
Stablecoin Launch and Purpose
Conflux Network, in partnership with fintech firm AnchorX and technology company Eastcompeace, has announced the issuance of a stablecoin based on the offshore yuan aimed at countries involved in the Belt and Road Initiative (BRI). This initiative encompasses over 140 countries and is focused on infrastructure and trade development, providing opportunities for expanding the adoption of digital currencies.
Conflux 3.0 Upgrade: What to Expect
The Conflux 3.0 upgrade set for August 2025 promises a significant increase in the network's capacity to 15,000 transactions per second. This enhancement aims to improve scalability and support the handling of large transaction volumes, including real-world asset transfers and cross-border payments.
Geopolitical Risks and Implications
The launch of the stablecoin may enhance China's influence over financial frameworks in Belt and Road countries. However, it also presents risks. U.S. lawmakers have expressed concerns about the potential of Chinese financial technology to circumvent sanctions and influence global payment systems. Such measures could lead to new friction points in U.S.-China financial relations.
The announcements from Conflux Network underscore China's evolving role in the field of digital finance on the international stage despite ongoing cryptocurrency restrictions domestically.
