China is quietly advancing its digital currency ambitions through blockchain technology, with state-backed Conflux Network leading the charge. Over the weekend, Conflux announced a partnership to issue an offshore yuan stablecoin, designed for use across Belt and Road Initiative (BRI) economies.
Developed alongside AnchorX and Eastcompeace Technology, the stablecoin could strengthen the yuan’s role in BRI trade—a cornerstone of China’s global economic strategy. The project aligns with Beijing’s broader efforts to internationalize its currency while maintaining tight control over digital finance.
Conflux also previewed its 3.0 upgrade, boosting transaction speeds to 15,000 TPS for large-scale settlements. The news propelled CFX up 57%, reflecting market optimism about China’s blockchain experimentation.
