A new stable coin is coming from a crypto project that increased by 200% in 1 month.

Chinese layer 1 crypto project Conflux Network will issue a yuan-indexed stable coin. Despite the ban on cryptocurrencies in China, Conflux, which focuses on projects outside the mainland and is known to have close ties with the Chinese government, has partnered with fintech firm AnchorX and Eastcompeace Technology, a company listed on the Shenzhen Stock Exchange, for this new stable coin.

The Belt and Road project is targeted

The partnership and stablecoin plan also stands out as it is featured on the Shanghai government's website. The name of the upcoming stablecoin will initially be AxCNH (AnchorX Offshore Yuan). It has been stated that the name may change later. This stablecoin is aimed to be used in countries involved in China's highly valued Belt and Road Initiative, such as Singapore, Malaysia, Indonesia, and Kazakhstan.

Hong Kong is the biggest candidate...

The stable coin will most likely go live through Hong Kong. It is known that the Hong Kong regulator will launch an official licensing standard for stable coin issuers starting from August 1.

Conflux 3.0 has increased its price

August will also be a busy month for Conflux. The project will launch the Conflux 3.0 update. With the new update, the project will reach a capacity of 15,000 transactions per second. It is stated that the goal here is to provide an infrastructure that can be used for real-world assets and cross-border payments.

All these updates and developments have been seen to positively impact the Conflux price for a while. When these developments, which were priced in advance, are combined with the rise of Bitcoin, the CFX token price has seen a 200% increase in the last month. The increase in the last 24 hours has exceeded 50%.

Published: July 21, 2025 10:36 Last Updated: July 21, 2025 11:02