Conflux to support offshore yuan stablecoin issuance

Chinese public blockchain project Conflux has announced plans to support the issuance of a stablecoin pegged to the offshore yuan (CNH), in collaboration with fintech firm AnchorX and information security service provider Eastcompeace Technology, The Block reported. The stablecoin is intended for use across Belt and Road Initiative (BRI) countries to facilitate cross-border transactions. Conflux also unveiled its upcoming network upgrade, Conflux 3.0, set to launch in August. The upgrade will feature a processing capacity of 15,000 transactions per second (TPS) and support large-scale settlements involving cross-border payments and real-world assets. According to data from CoinMarketCap, CFX, Conflux’s native token, is currently trading at $0.2161, up 47.21% in the past 24 hours. Notably, CFX had already experienced a sharp price increase prior to the news release, and traders are advised to remain cautious amid heightened volatility.