The China-based blockchain project Conflux Network has announced the launch of a stablecoin indexed to the offshore yuan during its event in Shanghai. This move aims to accelerate cross-border payments and real-world asset transfers.
Stablecoin Initiative by Conflux
Conflux Network, in collaboration with AnchorX and Eastcompeace Technology, has developed a stablecoin known as "AxCNH," pegged 1:1 to the offshore yuan. The stablecoin is aimed at boosting digital yuan adoption in Belt and Road Initiative (BRI) member markets such as Singapore, Malaysia, Kazakhstan, and Indonesia.
New Opportunities with Conflux 3.0
The upcoming Conflux 3.0 upgrade is set to launch in August. The update promises to significantly enhance transaction capacity to 15,000 TPS, allowing for the effective integration of real-world assets and cross-border transactions onto the blockchain.
Price Surge of CFX Following Announcement
In response to the announcement, the price of the CFX altcoin surged by 100% to $0.2405. The current market value of Conflux stands at $1.1 billion, making it a notable player among Asia-based blockchain projects.
Thus, the launch of the stablecoin and the Conflux 3.0 upgrade are expected to strengthen the platform's position in the market, providing new opportunities for digital payments and assets.
