Conflux’s native token surged 105 per cent to $0.23 on Monday as the Chinese blockchain announced plans for an offshore yuan-pegged stablecoin, marking Beijing’s most significant challenge yet to dollar-based international payments. The token’s market capitalisation reached $1.1 billion as the announcement revealed China’s latest attempt to circumvent US financial dominance.

The stablecoin launch coincides with Conflux’s 3.0 network upgrade in August, which will boost transaction capacity to 15,000 per second. This processing power exceeds Visa’s average capacity, positioning Conflux to handle the international trade settlements that currently flow through SWIFT’s dollar-dominated network.

Conflux has partnered explicitly with AnchorX, Dongxin, and Ping An to target Belt and Road Initiative countries. The $1 trillion Belt and Road trade network represents China’s most significant opportunity to expand yuan usage, yet bilateral agreements have failed to dislodge the dollar from trade settlements. A blockchain-based yuan stablecoin could bypass the traditional banking infrastructure that keeps transactions flowing in dollars.