Chinese blockchain Conflux launches offshore yuan stablecoin

Chinese blockchain Conflux announced the third version of its public network and introduced a new stablecoin backed by the offshore Chinese yuan.

According to a report from the Shanghai municipal government on Sunday, Conflux announced the developments during a three-day conference held over the weekend. At the event, Conflux unveiled a partnership with fintech firm AnchorX and information technology security firm Eastcompeace to support the launch of an offshore yuan-backed stablecoin.

The news follows AnchorX receiving in-principle approval for its…