Conflux (CFX) Doubles After Stablecoin Announcement and Major Protocol Upgrade
Conflux’s native token, CFX, surged over 115% in the past 24 hours, reaching $0.24 — its highest level since December — following the announcement of a new stablecoin initiative and a significant network upgrade.
The rally was driven by news unveiled at a Shanghai event over the weekend, where Conflux revealed plans to launch an offshore yuan-pegged stablecoin in collaboration with AnchorX and Eastcompeace Technology. The project targets cross-border transactions within China’s Belt and Road Initiative (BRI) corridors and was picked up by Chinese state-affiliated media, adding legitimacy and fueling investor excitement.
At the same event, Conflux also introduced Conflux 3.0, a major upgrade expected to go live in August, aiming to deliver up to 15,000 transactions per second (TPS) and enhanced support for real-world asset (RWA) tokenization and cross-border settlements.
CFX’s 24-hour trading volume exploded to over $1.7 billion, up from under $60 million just days ago, with its market capitalization climbing to $1.09 billion, re-entering the top 120 tokens by market value.
Often referred to as the “Chinese Ethereum,” Conflux has a history of capitalizing on China-related narratives. Previous rallies were driven by partnerships with China Telecom for blockchain SIM cards, McDonald’s China, and Shanghai’s Web3 and metaverse pilots.
The combination of regulatory alignment, state-media exposure, and growing ties to real-world financial infrastructure suggests that Conflux is positioning itself as a key blockchain player in China’s evolving digital economy.
