The price of Conflux token doubled in a single day. Is it going to participate in the offshore RMB stablecoin pilot?

Author: 1912212.eth, Foresight News

On July 20, the price of Conflux public chain token CFX started to rise sharply, rising from around $0.11 to $0.25, with a single-day increase of more than 100%. In July this year, it recorded a monthly increase of 202%. If calculated based on the bottom of $0.02 in December 2022, it has recorded a more than 10-fold increase. As of now, the market value of the token is about $870 million.

As a relatively special existence among domestic public chains, Conflux’s market value performance cannot be said to be eye-catching, but a recent news is worthy of attention.

Recently, the Liberation Daily published an article stating that the Conflux TreeGraph Technology and Ecosystem Development Conference was held in Shanghai. At the conference, the Conflux TreeGraph public chain released 3.0 and announced plans to participate in the "Belt and Road" offshore RMB stablecoin issuance pilot. The article was also reprinted on the Shanghai Municipal People's Government website.

"One Belt, One Road" offshore RMB stablecoin issuance

The wave of stablecoins is sweeping the world, and the broad application scenarios have attracted much attention from the market. Conflux plans to participate in the pilot issuance of offshore RMB stablecoins in the "Belt and Road". The pilot focuses on issuing stablecoins anchored to offshore RMB (CNH), aiming to promote cross-border trade settlement and RWA applications, covering countries along the "Belt and Road", especially Central Asia and Southeast Asia.

China has also begun to notice the popularity of stablecoins. According to an article published on the WeChat public account of the National Financial and Development Laboratory, Deputy Director Yang Tao recently wrote an article pointing out that since stablecoins have gone beyond the traditional offshore and onshore categories, we should consider adopting a linkage development model of domestic offshore and overseas offshore RMB stablecoins. The article suggests that we can consider promoting the innovation and exploration of related RMB stablecoins in the Shanghai Pilot Free Trade Zone and Hong Kong at the same time.

In addition, according to People's Finance Network, the Party Committee of the Shanghai State-owned Assets Supervision and Administration Commission recently held a central group study meeting to study the development trends and response strategies of cryptocurrencies and stablecoins.

Since its proposal in 2013, China's Belt and Road Initiative (BRI) has become the world's largest infrastructure and trade cooperation framework, covering Asia, Europe, Africa and other continents, involving nearly 150 countries and regions. Its market space is mainly reflected in trade volume, investment scale and economic growth contribution. According to the latest data, the total investment in BRI has exceeded 1 trillion US dollars. By 2030, BRI is expected to generate an annual revenue of 1.6 trillion US dollars, connect China with 229 cities, and drive growth through energy, mining and technology.

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

Negotiating acquisition matters with Hong Kong listed companies, public chain 3.0 will be released in August

The technical driver of this price surge is the Conflux public chain 3.0 upgrade, which is scheduled to be officially launched in August 2025. Version 3.0 further introduces parallel block processing and AI agent support, increasing TPS from the current 3000-6000 to more than 15,000, and even higher levels in simple payment scenarios.

In addition to technology upgrades, another important announcement recently also attracted market attention. Hong Kong-listed company Leading Pharmaceutical Biotech (00399) announced that on June 30, 2025, the company (as the buyer) had entered into a memorandum of understanding with the seller (Northwestern Foundation) and Conflux regarding the potential acquisition of all the equity interests in the target company, provided that the target company completes the acquisition of Conflux assets in accordance with the agreement with the company.

After the news was announced, Hong Kong-listed company Vanguard Pharmaceuticals (HK:00399) once rose by 240% during the trading session, with its share price reaching a high of HK$0.7.

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