đȘ BREAKING: Conflux to Launch Yuan-Backed Stablecoin! đšđłđ
Chinaâs leading Layer-1 blockchain, Conflux Network, is making headlines again â this time by announcing the launch of a stablecoin backed by the Chinese yuan (CNY)!
This move marks a historic first: a public blockchain issuing a CNY-pegged stablecoin with official regulatory approval in mainland China. đâ
đĄ Why this matters:
âą đ Bridges crypto with Chinaâs tightly regulated financial system.
⹠𧩠Opens the door for compliant DeFi, GameFi, and cross-border trade in Asia.
âą đ Strengthens Confluxâs position as the âBlockchain of China.â
The stablecoin, which will be backed 1:1 with off-chain yuan reserves, is expected to fuel liquidity across Asian markets, enabling faster, cheaper, and regulated on-chain payments and settlements.
đ§ As the East embraces Web3 under new rules, Conflux may become the backbone of Chinaâs blockchain infrastructure.
đ Could this stablecoin be the bridge between TradFi and DeFi in China?