Conflux (CFX), the native token of what calls itself China’s only regulatory-compliant public blockchain, in the past 24 hours, briefly touching 24 cents, a level not seen since December.

The explosive move was fueled by two key catalysts: The announcement of a new offshore-yuan-pegged stablecoin and the forthcoming launch of Conflux 3.0, a major protocol upgrade. Both developments were unveiled during a weekend event in Shanghai and , adding legitimacy and spotlight to the project.

The 24-hour trading volume in CFX surged to over $1.7 billion — a massive increase from under $60 million just two days prior — signaling renewed speculative interest and inflows from Asia-based traders. The market cap now sits above $1.09 billion, pushing CFX back into the top 120 tokens by market size.

Conflux reportedly said it is working with fintech firm AnchorX and Shenzhen-listed Eastcompeace Technology to issue a stablecoin pegged to the offshore yuan and aimed specifically at cross-border (BRI) corridors.

Conflux 3.0, also announced at the event, is expected to launch in August with a claimed throughput of up to 15,000 transactions per second (TPS) and support for large-scale cross-border settlement and real-world asset issuance

This isn’t the first time Conflux has surged on China-aligned narratives. Often dubbed the , Conflux had previously rallied on headlines of its collaboration with China Telecom to develop blockchain-enabled SIM cards. The network has also cooperated with McDonald’s China and the city of Shanghai on Web3 and metaverse pilots, positioning it as a compliant, homegrown alternative to Western blockchains.