Stablecoin Plans and Upgrade News Spark 2x Rally in Conflux’s CFX Token

Conflux’s CFX Token Doubles as Offshore Yuan Stablecoin and Conflux 3.0 Spark Investor Optimism

Conflux’s native token CFX surged more than 115% over the past 24 hours, briefly touching $0.24 — its highest level since December — driven by renewed interest following two major announcements: a new stablecoin initiative and an upcoming protocol upgrade.

At a weekend event in Shanghai, Conflux revealed that it is working with fintech firm AnchorX and Eastcompeace Technology to develop a stablecoin pegged to the offshore yuan (CNH). The token is designed to facilitate cross-border transactions along China’s Belt and Road Initiative (BRI) corridors. The collaboration, highlighted by state-affiliated media, bolstered legitimacy and fueled speculative momentum among Asian investors.

The blockchain also announced Conflux 3.0, a major upgrade set to go live in August. The protocol revamp promises throughput of up to 15,000 transactions per second (TPS), with built-in capabilities for real-world asset (RWA) issuance and large-scale cross-border settlement — features that align with China’s growing emphasis on blockchain-powered infrastructure.

In response to the announcements, CFX’s 24-hour trading volume surged past $1.7 billion, up dramatically from under $60 million just two days earlier. The project’s market capitalization now exceeds $1.09 billion, re-establishing it among the top 120 crypto assets globally.

Often referred to as the “Chinese Ethereum,” Conflux has a history of attracting investor interest through its alignment with Chinese enterprises and government pilots. Past surges were linked to partnerships with China Telecom to develop blockchain-enabled SIM cards, as well as collaborations with McDonald’s China and the Shanghai municipal government on Web3 and metaverse initiatives.

With a renewed focus on real-world utility and support from prominent regional players, Conflux is positioning itself as a key blockchain infrastructure layer in Asia’s regulated digital asset landscape.