“Conflux 3.0, a CNH Stablecoin, and the Belt & Road Bet: How China’s Web3 Dark Horse Just Sparked a New Stablecoin Race”

Main Points ：

• Conflux unveiled Conflux 3.0 (15,000+ TPS, native on‑chain AI agent calls) and an offshore CNH‑pegged stablecoin aimed at Belt & Road corridors and RWA settlement.
  
• The coin will be issued with AnchorX and Eastcompeace, and rolled out via TokenPocket pilots in Central & Southeast Asia.
  
• AnchorX already secured in‑principle approval in Kazakhstan for AxCNH this February—unclear if Conflux’s coin is the same instrument.
  
• CFX price doubled (~+116%) over the weekend, reflecting narrative momentum around speed, AI, and CNH liquidity rails.
  
• Hong Kong’s new stablecoin regime (effective Aug 1, 2025) has drawn 40+ applicants including JD.com, Ant Group, and Circle—turning the city into Asia’s FRS licensing arena.
  
• Shanghai SASAC just debated a stablecoin strategy, hinting at a softer mainland stance and aligning with state-linked enterprises’ push for yuan stablecoins.
  
• For builders and yield hunters: watch CNH rails for trade finance/RWA, arbitrage between HK-licensed pools and offshore venues, and AI-driven on-chain agents as a new UX layer. 

1. Why Conflux’s Double Punch Matters: Speed + Currency Rail

Conflux chose its three-day Shanghai conference (July 18–20) to reveal Conflux 3.0, boasting throughput “up to 15,000 TPS” and native support for on-chain AI agent invocation—a pitch squarely aimed at AI-integrated dApps, high-frequency payments, and RWA batch settlements.
Simultaneously, it announced an offshore yuan (CNH)-backed stablecoin in partnership with fintech AnchorX and security firm Eastcompeace, positioning the asset as a settlement rail for Chinese offshore corporates and Belt & Road economies.

What this signals: Conflux is converging three hot narratives—AI, RWAs, and stablecoins—onto one chain. For investors scouting the “next Solana moment” or enterprise-friendly rails, the mix of high TPS and jurisdiction-specific fiat access is compelling.

2. AnchorX, AxCNH, and the Kazakhstan Link

In February 2025, AnchorX said it received in-principle approval from Kazakhstan’s AFSA to issue AxCNH, a CNH-pegged stablecoin. Conflux hasn’t clarified whether its new coin is AxCNH or a separate instrument; Cointelegraph noted outreach to the teams without response.

For builders: Kazakhstan’s Astana Financial Services Authority has been carving a crypto-friendly sandbox. If AxCNH (or a sibling coin) leverages both Kazakh and Hong Kong regimes, you could arbitrage compliance “bridges”—mint under AFSA, distribute under HK SFC/HKMA oversight.

3. TokenPocket Pilots: On-the-Ground Liquidity in BRI Corridors

TokenPocket (a popular Chinese wallet) will help seed pilots across Central Asia, Southeast Asia, and other priority regions, collaborating with Conflux and AnchorX.That matters because wallet-side UX is where stablecoins actually get used. Preloading CNH rails into wallets used by Chinese diaspora merchants or BRI contractors could catalyze CNH-based invoicing and B2B settlement.

4. CFX Price: Narrative-Driven Pump or Sustainable Repricing?

Over the weekend, CFX surged from roughly $0.1055 to $0.2285 (+116.6%), with real-time quotes oscillating around the $0.20–0.23 band afterward. Price action mirrors past L1 “hype spikes” after big roadmap drops. Key questions:

• Can Conflux retain devs post-announcement?
• Will AI agents on-chain see real usage or remain a buzzword?
• Can the CNH stablecoin find liquidity pools beyond pilots?

For traders: consider volatility bands around major news (Aug mainnet launch), monitor TVL changes in Conflux DeFi, and look for LP incentives tied to CNH pools.

5. Hong Kong’s Stablecoin Arms Race: 40+ Applications and Counting

Hong Kong’s stablecoin ordinance—passed May 21, 2025—takes effect August 1. It requires licenses for fiat-referenced stablecoin (FRS) issuers, dictating reserve management, redemption, and risk controls. Reports say 40+ firms are prepping applications, from JD.com and Ant Group to Circle and Standard Chartered.

For Conflux/AnchorX, HK is the logical liquidity gateway: list CNH pools on licensed exchanges, tap RMB trade finance, and play within a regulated sandbox that Mainland regulators can tolerate.

[Insert Boxed Sidebar: “HK Stablecoin License Checklist” — reserves, audit cadence, redemption SLA, governance, risk reporting.]

6. Mainland China’s Nuanced Pivot: Shanghai SASAC’s Stablecoin Huddle

Despite Beijing’s strict crypto bans since 2021, Shanghai’s SASAC convened ~60–70 officials to discuss strategic responses to digital currencies and stablecoins. Director He Qing urged sharper focus on emerging tech and digital currency research.

Takeaway: Local state-owned conglomerates want a piece of the RWA/stablecoin pie, perhaps via offshore or Hong Kong channels. Expect “policy-through-pilots”—SOEs tokenizing receivables or supply-chain assets, then settling in CNH stablecoins issued offshore.

7. Conflux 3.0: Technical Hooks for Builders

Beyond TPS and AI call support, Conflux hinted at cross-border payment tooling and batch RWA settlement—the kind of middleware enterprises crave. Developers should watch for:

• SDKs for AI agent invocation on-chain
• Native RWA modules (or integrations) for tokenized invoices, warehouse receipts, etc.
• Liquidity modules for CNH pairs (CFX/CNH, USDT/CNH) to ease entry/exit.

8. Monetization Angles for Investors & Builders

　Yield & Arbitrage:

• Provide CNH/USDT or CNH/USDC liquidity on Conflux DEXs—capture fees + incentives.
• Arbitrage between HK-licensed CNH pools and offshore pools (spread on compliance/credit risk). 

　Enterprise Services:

• Cross-border payroll for Chinese contractors on BRI projects, paying staff/ vendors in CNH stablecoin, hedged via OTC desks. 
• RWA securitization for SMEs exporting to China—tokenize invoices, settle in CNH to avoid USD friction. 

　AI x DeFi:

• Deploy AI agents to monitor CNH liquidity, auto-route trades, or run credit scoring on-chain for invoice financing. 

9. Risks & Unknowns

• Regulatory whiplash: Mainland could still clamp down; HK might approve only a handful of licenses.
• Liquidity fragmentation: CNH stablecoin success hinges on secondary market depth, CEX/DEX listings, and banking partners. 
• Technical execution: 15k TPS must hold under real loads; AI agent support must be developer-friendly, not just marketing.

10. What to Watch Next (Action Checklist)

1. Whitepaper & smart contract audits for the CNH stablecoin—reserve structure, redemption channels.
   
2. HK license shortlist after Aug 1—who gets the first approvals?
   
3. CFX TVL growth & DEX volume—sustainable traction or a post-news fade?
   
4. Enterprise pilots: Look for case studies (e.g., logistics payments in Kazakhstan or Vietnam).
   
5. Shanghai follow-through: Any SOE-linked RWA tokenization or SASAC guidance memos.
   

Conclusion

Conflux just staked a bold claim: be the high-speed chain where AI, RWAs, and a Belt & Road-ready CNH stablecoin converge. With HK opening the licensing gates and Shanghai quietly recalibrating, the timing is uncanny. The opportunity for builders lies in leveraging CNH rails for real commerce—trade finance, payroll, supply chains—while speculators eye CFX’s newfound momentum.

But success rests on execution: regulatory clarity, deep liquidity, and real-world adoption. If Conflux can convert conference buzz into enterprise deals and DeFi depth—while its CNH stablecoin proves redeemable and trusted—it might emerge as China’s de facto Web3 settlement layer for the offshore yuan era.