Conflux launched an offshore yuan stablecoin and presented Conflux 3.0 at a three-day conference in Shanghai. The update was published on July 21 by the Shanghai municipal government.
The company partnered with AnchorX and Eastcompeace to back the stablecoin with the offshore yuan. The stablecoin is expected to support cross-border payments between Chinese entities and countries involved in the Belt and Road Initiative.
AnchorX previously received in-principle approval from Kazakhstan’s Astana Financial Services Authority (AFSA) for a yuan-pegged stablecoin called AxCNH. It is not confirmed if the new yuan stablecoin by Conflux is AxCNH or a separate project. None of the companies responded to questions by publication time.
AnchorX and TokenPocket Roll Out Stablecoin in Belt and Road Regions
TokenPocket, a crypto wallet provider, announced a partnership with Conflux and AnchorX to help promote the yuan stablecoin. The company said on X that it would launch pilot programs in Central Asia, Southeast Asia, and other Belt and Road markets.
The collaboration focuses on increasing the use of offshore yuan in countries where China maintains infrastructure and trade agreements under the Belt and Road framework. These include major transport and digital infrastructure projects.
Kazakhstan approval from the AFSA gives AnchorX a regulatory entry point in the region. This approval may help expand pilot programs in countries that cooperate with Kazakhstan under shared economic strategies.
Conflux 3.0 Can Process 15,000 Transactions per Second
The company also introduced Conflux 3.0, a major update to its blockchain. It claims the upgrade can handle 15,000 transactions per second and includes native support for onchain AI agent calls. Full technical details have not been released yet.
Conflux 3.0 was launched to increase network performance and meet demands for high-volume transaction support. The platform said it would also explore real-world asset use cases in the future.
The company did not share which real-world asset applications are in development. However, the announcement mentioned continued collaboration with AnchorX and Eastcompeace for upcoming projects.
CFX Price Rises from $0.1055 to $0.2285 in Two Days
The price of the CFX token increased by 116.6% over the weekend, rising from $0.1055 to $0.2285. The surge followed the announcement of a new offshore yuan stablecoin and the introduction of Conflux 3.0. The rally occurred during the three-day Conflux event in Shanghai.
According to the 4-hour CFX/USDT chart on Binance, the price started climbing sharply after July 19, with strong momentum continuing into July 21. The token broke past multiple resistance levels without visible rejection, closing above $0.22 on sustained volume.
The 50-period EMA stood at $0.1308, showing a significant gap between the moving average and the current price. The gap indicates aggressive upward momentum. Price candles also formed consecutive green bars with minimal retracement.
Volume Spikes Signal Sudden Interest in CFX
Trading volume also increased sharply, with 62.95 million CFX tokens traded during the breakout session. This volume spike coincided with the official announcements made during the Shanghai conference.
While Tradingview confirmed the price movement, there was no official report from Conflux linking the token’s performance to a single development. However, the timing matches the launch of the offshore yuan stablecoin and the release of Conflux 3.0, which may have contributed to stronger market attention.
Despite the price rise, no major exchange listings, whale transactions, or institutional moves have been reported so far. The price behavior appears driven by a combination of event visibility and broader ecosystem developments.
Conflux Remains Restricted in Mainland China
The CFX token is available on several international platforms, but it still faces policy restrictions in mainland China. As a result, trading is limited mostly to overseas markets and users outside the mainland. This restriction has not stopped the token from reaching new short-term highs.
The price structure on the 4-hour chart shows a strong breakout from a previous consolidation zone near $0.105. That zone lasted from mid-June to mid-July, during which the token saw steady accumulation before the sharp move.
If current volume and market activity hold, the token may remain volatile. No signals of immediate reversal are visible in the short-term chart, and the price is currently holding above its former resistance zone.
Hong Kong Receives 40 Stablecoin License Applications
While Conflux pushes forward with its yuan stablecoin, Hong Kong is preparing to issue new licenses for stablecoin issuers. According to Cointelegraph’s Chinese service, 40 applications were submitted under the Hong Kong LEAP framework.
Applicants include JD.com, Ant Group, and Circle. The LEAP framework takes effect on August 1, 2025, and is managed by the Securities and Futures Commission (SFC) of Hong Kong. No license approvals have been granted yet.
The licensing process under Hong Kong LEAP is intended to enable stablecoin issuers to operate legally under specific conditions. These include compliance checks, capital requirements, and transaction monitoring systems.
Shanghai Officials Review Stablecoin Strategy Amid Rising Interest
In mainland China, cryptocurrency regulations remain strict. However, recent discussions suggest a closer look at stablecoins by key regulators. Earlier in July, the Shanghai State-owned Assets Supervision and Administration Commission (SASAC) held a meeting focused on stablecoin strategy.
Following the meeting, He Qing, director of the Shanghai SASAC, called for “greater sensitivity to emerging technologies” and increased research into digital currencies. No new policy updates were issued following his comments.
The interest from Shanghai SASAC suggests that authorities are observing global stablecoin developments and assessing domestic policy impacts. There are no signs of regulatory changes, but meetings and discussions have become more frequent.
