Conflux Soars 100% as China-Backed Yuan Stablecoin Nears

China’s homegrown blockchain Conflux (CFX) is making waves, with its token surging over 100% to $0.23—a 7-month high. The rally comes as Conflux prepares to launch a yuan-pegged stablecoin and a major network upgrade, positioning itself at the heart of China’s blockchain ambitions.

China’s Stablecoin Strategy Takes Shape

• Partners with AnchorX & Eastcompeace (Shenzhen-listed firm)
• Offshore yuan stablecoin (AxCNH) targets Belt & Road payments
• Aligns with PBOC governor’s vision for stablecoin-driven finance
• Hong Kong’s new stablecoin rules (August 1) add legitimacy

Why it matters:
This marks China’s first major move into blockchain-based cross-border payments, challenging USD stablecoins like USDT.

Conflux 3.0: A Game-Changer?

Coming in August, the upgrade promises:
⚡ 15,000 TPS (vs. 3,000 currently)
⚡ AI agent integration
⚡ Enhanced support for real-world asset settlement

Market Goes Wild for CFX

• Price: $0.23 (+105% in 24hrs)
• Market cap: $1.1B (from $500M in a day)
• Volume: $1.8B (+2,955% spike)

Analysts attribute the frenzy to:
✅ Yuan stablecoin’s BRI potential
✅ Institutional interest (e.g., Innovative Pharma’s MOU)
✅ Technical breakout after months of consolidation