Offshore RMB Stablecoin Set to Launch — U.S. Dollar Dominance Faces New Challenge

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AuthorBlock Tao

Jul 21, 2025 8:27 AM

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TradingKey – Over the weekend, China’s public blockchain Conflux Network announced a strategic partnership with fintech firm AnchorX and Shenzhen-listed company Eastcompeace Technology (002017) to jointly develop an offshore RMB-pegged stablecoin.

The news sent shockwaves through the market:

Conflux’s native token CFX surged over 110%, hitting $0.24, its highest level since December 2024
Eastcompeace stock jumped 10%, reaching the daily limit at ¥20.33, a new all-time high

CFX Price -Chart – Source-TradingView

CFX Price Chart – Source: TradingView

The move comes amid a wave of regulatory clarity:

On May 21, Hong Kong’s Legislative Council passed the Stablecoin Bill, establishing a licensing regime for fiat-backed stablecoin issuers
On July 18, President Trump signed the GENIUS Act, officially codifying the legal framework for U.S. dollar stablecoins

Currently, USD-backed stablecoins dominate the market, with USDT and USDC accounting for over 84% of total stablecoin capitalization. These tokens effectively represent on-chain dollars, reinforcing the dollar’s global financial dominance. However, the launch of an offshore RMB stablecoin — tentatively named AxCNH — could disrupt this monopoly.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

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