Conflux's CFX token exploded, more than doubling in price after the announcement of a new yuan-pegged stablecoin and the upcoming Conflux 3.0 upgrade.

Trading volume soared past $1.7 billion, pushing the market cap above $1.09 billion and propelling CFX back into the top 120 cryptocurrencies. The surge, fueled by speculation and interest from Asian traders, saw CFX briefly touch 24 cents, a level unseen since December. This follows Conflux's collaborations with Chinese entities, solidifying its position as a potentially leading player in the burgeoning Chinese blockchain sector. The stablecoin, developed in partnership with AnchorX and Eastcompeace Technology, is targeted at cross-border transactions within the Belt and Road Initiative. Conflux 3.0, slated for August, promises significant throughput improvements.