Conflux to Launch Offshore Yuan Stablecoin, CFX Jumps 57%

China’s Conflux Network plans to issue an offshore yuan-pegged stablecoin in partnership with AnchorX and Eastcompeace Technology, per a Shanghai government report.

The stablecoin will target Belt and Road Initiative (BRI) markets.

The blockchain also announced Conflux 3.0, an August upgrade enabling 15,000 TPS for cross-border payments.

CFX surged 57% to $0.22 on the news.