Conflux token price doubles in a single day, looking to participate in the offshore RMB stablecoin pilot?

2025-07-21 12:24:24

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Conflux plans to participate in the pilot issuance of offshore RMB stablecoins for the "Belt and Road" initiative.

Author: 1912212.eth, Foresight News

On July 20, the price of Conflux public chain token CFX entered a skyrocketing mode, rising from around $0.11 to a peak of $0.25, with a single-day increase of over 100%. In July this year, the monthly increase recorded was 202%. If calculated from the bottom of $0.02 in December 2022, it has recorded an increase of over 10 times. As of now, the market capitalization of the token is approximately $870 million.

As a relatively unique entity among domestic public chains, Conflux's market capitalization performance is not particularly eye-catching, but a recent piece of news is worth noting.

Recently, the Liberation Daily published an article stating that the Conflux Tree Graph Technology and Ecological Development Conference was held in Shanghai, where the Conflux Tree Graph public chain announced the release of version 3.0 and plans to participate in the pilot issuance of offshore RMB stablecoins under the "Belt and Road" initiative. This article was also reprinted on the website of the Shanghai Municipal People's Government.

Issuance of Offshore RMB Stablecoins under the "Belt and Road" Initiative

The wave of stablecoins is sweeping the globe, and the broad application scenarios are attracting significant market attention. Conflux plans to participate in the pilot issuance of offshore RMB stablecoins under the "Belt and Road" initiative. This pilot focuses on issuing stablecoins pegged to offshore RMB (CNH) and aims to facilitate cross-border trade settlement and RWA applications, covering countries along the "Belt and Road," particularly in Central Asia and Southeast Asia.

Domestically, there is also growing attention to the popularity of stablecoins. An article published by the National Financial and Development Laboratory's WeChat account indicated that Deputy Director Yang Tao recently pointed out that stablecoins have surpassed the traditional offshore and onshore categories, and a linked development model for domestic offshore and overseas offshore RMB stablecoins should be considered. The article suggested that the innovation exploration of relevant RMB stablecoins could be promoted simultaneously in the Shanghai Free Trade Zone and Hong Kong.

Additionally, according to reports from People's Finance Network, the Shanghai State-owned Assets Supervision and Administration Commission recently held a study meeting to discuss the development trends and response strategies regarding cryptocurrencies and stablecoins.

Since the "Belt and Road" Initiative (BRI) was proposed in 2013, it has become the world's largest infrastructure and trade cooperation framework, covering multiple continents including Asia, Europe, and Africa, involving nearly 150 countries and regions. Its market space is primarily reflected in trade volume, investment scale, and contributions to economic growth. According to the latest data, total investment in the BRI has exceeded $1 trillion, and by 2030, the BRI is expected to generate $1.6 trillion in annual revenue, connecting China with 229 cities and driving growth through energy, mining, and technology sectors.

According to a report by Shangguan News, at this conference, Conflux also signed strategic cooperation agreements with institutions such as AnchorX and Dongxin Peace to jointly explore stablecoin issuance, cross-border payments, and asset settlement. AnchorX is a fintech company based in Hong Kong that has created a stablecoin pegged to the Hong Kong dollar, AxHKD. Hony Capital, a Chinese investment management group, provides resource support and business collaboration for AnchorX.

Discussions on Acquisition Matters with Hong Kong Listed Companies, Public Chain 3.0 to be Released in August

The upgrade of Conflux public chain 3.0 is the technical driving factor behind this price surge. This upgrade is scheduled to officially go live in August 2025, and version 3.0 further introduces parallel block processing and AI agent support, increasing TPS from the current 3000-6000 to over 15,000, and even higher levels in simple payment scenarios.

In addition to the technical upgrade, another important announcement has recently attracted market attention. Hong Kong listed company Pioneer Pharma Biotech (00399) announced that on June 30, 2025, the company (as the buyer) has signed a memorandum of understanding with the seller (Northwestern Foundation) and Conflux regarding the potential acquisition of all equity of the target company, contingent upon the target company completing the acquisition of Conflux assets according to the agreement with the company.

After the announcement, Hong Kong listed company Pioneer Pharma (HK:00399) saw its stock price rise by as much as 240%, reaching a peak of HK$0.7.

The two founding members of Conflux, Long Fan and Wu Ming, are both executive directors of Pioneer Pharma. According to Roodata data, Wu Ming and Long Fan are also core team members of the AI public chain OG, with Wu Ming serving as the co-founder and CTO of the project.