Stablecoin Backed by Offshore Yuan Launched for Cross-Border Payments

A stablecoin backed by the offshore yuan (CNH) is launched on the Conflux Network blockchain for cross-border settlements between more than 150 countries engaged in economic cooperation with mainland China.

The Conflux Network team, a Chinese public blockchain, announced the release of a new stablecoin pegged to the offshore yuan. The stablecoin is intended to serve as a regulated instrument for payments among countries participating in China’s strategic Belt and Road Initiative (BRI).

The Belt and Road Initiative is a global economic strategy proposed by China in 2013 aimed at strengthening infrastructure and trade connectivity between Asia, Europe, Africa, and other regions. According to The Green Finance & Development Center (GFDC), total investments under BRI contracts reached $123.3 billion in H1 2025.

The stablecoin issuance is the result of a multilateral partnership. Within the initiative, the Conflux Network team collaborates with FinTech company AnchorX and digital solutions provider Eastcompeace. AnchorX previously received preliminary approval from Kazakhstan’s financial regulator to issue the AxCNH asset, backed by the offshore yuan. The new stablecoin will be integrated into the Conflux Network ecosystem and the TokenPocket crypto wallet to ensure broad access across Asia and beyond.

Pilot projects using the new asset are expected to launch in Central and Southeast Asia. The stablecoin is designed for trade and settlement transactions between countries closely cooperating with mainland China under the BRI infrastructure and trade initiative.

The Belt and Road Initiative covers more than 150 countries across continents and about 30 international organizations. Participants are developing close economic cooperation with China.

Alongside the stablecoin launch, Conflux Network developers rolled out a network upgrade to version 3.0. The new architecture provides throughput exceeding 15,000 transactions per second and supports on-chain AI agents, enabling automation of smart contracts with complex logic and improving settlement process efficiency.

Conflux Network is the only public blockchain approved for use in mainland China, developed by researchers from Tsinghua University and the University of Toronto. The network focuses on integration with regulated financial institutions and participates in a large-scale government infrastructure Web3 project.

The Conflux initiative fits the growing trend of stablecoin issuance in mainland China. In particular, Chinese tech giants JD.com and Ant Group are negotiating with the People’s Bank of China to issue yuan-backed stable assets. Meanwhile, Chinese authorities actively develop payment infrastructure based on the national currency, promoting CNH as an international currency.

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