Chinese blockchain Conflux launching offshore yuan-backed stablecoin
Chinese blockchain Conflux launched Conflux 3.0 network and unveiled a new offshore yuan-backed stablecoin targeting “Belt and Road” cross-border payments.
Chinese blockchain Conflux announced a third version of its public network and introduced a new stablecoin backed by offshore Chinese yuan.
According to a report from the Shanghai municipal government on Sunday, Conflux announced the developments during a three-day conference over the weekend. At the event, Conflux unveiled a partnership with fintech firm AnchorX and information technology security firm Eastcompeace to support the launch of an offshore yuan-backed stablecoin.
The news follows AnchorX receiving in-principle approval for its yuan-pegged stablecoin AxCNH by Kazakhstan’s regulator, the Astana Financial Services Authority, in late February. It is unclear whether Conflux’s stablecoin is AxCNH or a separate project, and the involved companies had not responded to Cointelegraph’s inquiries by publication.