Leading Chinese-based Layer 1 blockchain Conflux Network is eyeing on the release of a stablecoin, which would be pegged to the offshore Chinese Yuan.
Conflux made the announcement during the three-day conference, where the company unveiled the new AxCNH stablecoin in collaboration with fintech firm Anchor X and information technology security firm Eastcompeace.
The new stablecoin aims to serve the countries serving the Belt and Road Initiative (BRI). The BRI's project is China's effort at promoting new economic ties between Asia, Africa, and Europe through land and maritime trade routes.
China has signed BRI memoranda of understanding with more than 140 countries, including Singapore, Indonesia, Malaysia and Kazakhstan.
Market reaction to the news was immediate: Conflux’s native token, CFX, surged 57% to $0.22, bringing its market capitalization to $1.1 billion.
Meanwhile, Eastcompeace Technology’s stock saw a 10% leap, hitting the Shenzhen exchange’s daily limit of 20.33 yuan.
At the same time, Conflux is also releasing the third reiteration of its public network, with promises of major enhancement to the network.
The company claims that that newly introduced Conflux 3.0 can process more than 150,000 transactions per second and natively support onchain artificial intelligence calls.
The Conflux 3.0 network is set to go live in August, with the upgrade also expected to enable large-scale settlement of cross-border payments and real-world assets.
Conflux has also recently partnered with crypto wallet TokenPocket to promote the stablecoin to its users.
Conflux's stablecoin is the latest entry in the Chinese stablecoin race. Just early this month, Hong Kong had attracted more than 40 applications ahead of its stablecoin licensing regime, which is set to commence on August 1.
These includes major firms such as JD.com Ant Group and Circle, who are reportedly lobbying the central bank for approval to issue offshore yuan-backed stablecoins, signaling intensifying competition in the global stablecoin sector.
Mainland China is one of the countries with the most repressive approaches to cryptocurrencies. However, recent reports have indicated that the country is starting to reconsider its stance on stablecoins.
This comes after Pan Gongsheng, governor of the People's Bank of China, who in June acknowledged that both stablecoins and central bank digital currencies are fundamentally reshaping global payment infrastructure.
Earlier this month, the Shanghai State-owned Assets Supervision and Administration Commission even held a meeting to discuss strategic responses to stablecoin.
At the meeting, the regulator's director, He Qing, called for greater sensitivity to emerging technologies and enhanced research into digital currencies.
DeepSeek, a Chinese AI lab founded in 2023, gained attention with its cost-effective DeepSeek-V2, sparking a price war among China’s tech giants. It is the first company to receive praise from the US tech industry for achieving performance levels comparable to top US models.
AnaisSingapore's first AI-driven comedy, I Want to Be Boss, creatively explores AI’s potential in modern life, blending humour with futuristic themes. While the film faces challenges in fully integrating AI into the storyline, it showcases how technology can enhance filmmaking and spark new creative possibilities.
WeatherlyKuCoin has pleaded guilty to running an unlicensed money-transmitting business in the U.S. and will pay nearly $300 million in fines and forfeitures. As part of the settlement, co-founders Chun Gan and Ke Tang have stepped down, while the exchange works to rebuild under stricter global regulatory oversight.
AnaisTribe.Run, a Solana-based Social-Fi platform, has seen rapid growth, with user numbers rising from 1,400 in December 2024 to over 3,000 by January 2025. The platform offers unique creator-focused features, including the ability for creators to buy their own tokens before launch, and has benefited from a year of research, including feedback from former FriendTech users.
AnaisBitcoin struggles, dropping to the $95k range as Trump's tariffs on Canada, Mexico, and China fuel market uncertainty. While he admits the US may feel “some pain,” he insists the benefits justify the cost. Could Bitcoin endure prolonged pressure under his policies?
CatherineSam Bankman-Fried is appealing his fraud conviction, citing judicial bias and suppressed evidence. His defense claims FTX customers saw no losses due to profitable investments like Anthropic and challenges the $11 billion repayment order, arguing he has forfeited all assets. Is this damage control or a valid appeal?
KikyoDeepSeek, a Chinese AI app, became the most downloaded app in the US, surpassing ChatGPT, but raised concerns over privacy and national security. Several countries, including the US, Italy, and Taiwan, swiftly banned the app due to fears of sensitive data being exposed to Chinese authorities.
AnaisMore US parents are shifting from traditional 529 college savings plans to Bitcoin, viewing it as a hedge against inflation and a long-term investment, despite its volatility. However, this raises concerns about missing out on the tax benefits offered by 529 plans. Could Bitcoin's appeal outweigh the advantages of conventional savings strategies?
CatherineAuthorities seized luxury items, including Louis Vuitton goods and a Mercedes Benz AMG A45, purchased with the proceeds of Ho Kai Xin's crimes, underscoring her misuse of stolen funds.
KikyoTrump Media launched Truth.Fi, a new platform focused on investing in cryptocurrencies and traditional assets. The platform is backed by a partnership with Charles Schwab for asset custody services.
Weatherly