Amid growing interest in digital assets and cross-border payments, Chinese public blockchain Conflux has announced it will take part in a pilot program to issue offshore RMB stablecoins in Belt & Road markets. The result? Its token CFX surged over 100% in a single day, triggering speculation: is this a tech breakthrough—or a policy signal?
Conflux 3.0: A “Digital Highway” for Web3 Payments
At its July 20 conference in Shanghai, Conflux Network unveiled plans to launch version 3.0 in August. The upgrade will boost throughput to 15,000 TPS, while natively supporting AI integration, cross-border payments, and real-world asset (RWA) settlements. Conflux positions itself as building the digital rails for the next-generation financial internet.
Pushing RMB Internationalization Across Asia
Conflux also announced strategic agreements with AnchorX and Eastcompeace, targeting countries in Central and Southeast Asia to launch a CNH (offshore RMB) stablecoin pilot. The initiative aims to create a tech-compliant-secure blueprint for blockchain-based digital finance, furthering RMB’s global reach. AnchorX, backed by private equity firm Hony Capital, previously launched the Hong Kong dollar stablecoin AxHKD.
CFX Price Explosion Draws Attention
Fueled by the announcement, CFX jumped from $0.11 to $0.25 within hours. It has now gained 200% in July alone, and over 10x year-to-date, with a market cap nearing $870 million. Additional momentum came from Conflux’s potential acquisition deal with Hong Kong-listed Linghang Pharma (HK:00399), where its founders Dr. Long Fan and Dr. Ming Wu also serve as executive directors. Linghang’s stock surged over 240% intraday.
Tech Ambition Meets Policy Headwinds
The move comes as China reevaluates its stance on crypto and stablecoins. With Shanghai and Hong Kong floated as joint testing grounds for digital RMB experiments, Conflux may be positioning itself as a compliant, scalable blockchain infrastructure for cross-border finance. But can a Chinese-led chain navigate international trust, regulation, and adoption?
💬 Your take?
Is offshore RMB stablecoin adoption in Asia realistic—or still a long shot?
Does CFX's price rally signal long-term policy tailwinds, or is this just short-term hype?
