the Chinese Layer 1 blockchain project Conflux Network recently announced the upcoming release of Conflux 3.0, and declared plans to assist in issuing a stablecoin pegged to offshore RMB, at a time when China is exploring the possibility of an RMB stablecoin.

According to an official media report released on the Shanghai government website on Sunday, Conflux announced at its weekend meeting that it has established a partnership with the financial technology company AnchorX and the Shenzhen-listed company Dongxin HePing Technology to jointly develop a stablecoin pegged to offshore RMB.

The three parties stated that they plan to issue a stablecoin pegged to offshore RMB for countries participating in the Belt and Road Initiative (BRI). The Belt and Road Initiative is China's flagship international development strategy aimed at promoting market integration and establishing new economic ties. China has signed BRI memoranda of understanding with more than 140 countries, including Singapore, Indonesia, Malaysia, and Kazakhstan.

Conflux also announced the upcoming launch of Conflux 3.0. The team stated that the 3.0 network is expected to go live in August, with advanced processing capabilities of 15,000 TPS. This upgrade is also expected to enable large-scale cross-border payment settlements and real-world asset (RWA) settlements.