Conflux Token Soars 115% on Stablecoin Launch and Major Network Upgrade Plans

Conflux (CFX), the native asset of what is often referred to as China’s only regulatory-compliant public blockchain, surged as much as 115% in the past 24 hours, briefly reaching $0.24 — its highest level since December 2023.

The sharp rally comes on the back of two key announcements unveiled over the weekend in Shanghai:

• A new stablecoin pegged to the offshore yuan, developed in partnership with fintech firm AnchorX and Eastcompeace Technology.
• The upcoming Conflux 3.0 upgrade, which promises significant improvements in speed and scalability.

Both developments were highlighted in state-affiliated media, lending credibility and drawing renewed attention from regional investors. Daily trading volume skyrocketed from under $60 million to over $1.7 billion, with CFX’s market capitalization climbing past $1.09 billion, pushing it back into the top 120 crypto assets by market cap.

Belt and Road Stablecoin

Conflux stated that the new offshore yuan stablecoin is designed specifically for cross-border transactions along Belt and Road Initiative (BRI) corridors — a move that may align the blockchain project with China’s broader global trade strategy. The stablecoin initiative positions Conflux at the intersection of fintech innovation and geopolitical relevance, especially for trade settlements in Asia and beyond.

Conflux 3.0: Faster, Scalable, and Real-World Ready

The network’s Conflux 3.0 upgrade — scheduled for launch in August — is set to deliver a significant performance boost, with throughput reportedly reaching 15,000 transactions per second (TPS). The upgrade aims to facilitate large-scale cross-border payments and real-world asset (RWA) tokenization, potentially opening doors to institutional adoption and integration with traditional financial infrastructure.

A History of China-Focused Momentum

Conflux is no stranger to price spikes tied to China-aligned developments. Often dubbed “China’s Ethereum,” the project previously rallied on news of its collaboration with China Telecom to develop blockchain-enabled SIM cards. It has also partnered with McDonald’s China and the city of Shanghai for Web3 and metaverse initiatives, further cementing its image as a compliant domestic alternative to Western-led blockchain protocols.

With capital inflows from Asia accelerating and the potential for official backing, Conflux appears well-positioned to capture renewed market interest — particularly as regulatory narratives and geopolitical alignment play a larger role in crypto adoption trends.