Chinese L1 Blockchain Conflux Teases New Upgrade, Eyes Offshore Yuan Stablecoin

Key Points

1. Conflux Network is developing a yuan-pegged stablecoin in collaboration with AnchorX and Eastcompeace Technology to facilitate cross-border BRI payments.

2. The upcoming Conflux 3.0 upgrade aims to increase network speed to 15,000 TPS and is scheduled for release in August.

3. Conflux's native token, CFX, surged 57% following the announcement, reaching a market cap of $1.1 billion.

4. The initiative aligns with broader Chinese regulatory and financial strategies, including comments from the People’s Bank of China Governor on stablecoins and CBDCs.

5. Former Chinese finance officials have emphasized the need for yuan-backed stablecoins to counter the dominance of dollar-pegged stablecoins in global finance.