Belt and Road payments receive a boost with the launch of Conflux's stablecoin
In the rapidly evolving world of blockchain technology, Chinese blockchain firms Conflux, AnchorX, and TokenPocket are making significant strides in the development and integration of stablecoins, particularly in relation to China's Belt and Road Initiative (BRI).
The focus on stablecoin development in China is gaining strategic attention, with a growing emphasis on securing global market share in fiat-collateralized stablecoins. Experts like Yang Tao from the Chinese Academy of Social Sciences are advocating for a rapid rollout of a yuan-backed stablecoin [1]. This top-down institutional push is likely influencing blockchain firms operating domestically or with Belt and Road ties.
While specific project details linking these firms to yuan stablecoins or their formal integration into BRI finance are currently limited or unreported, the strategic landscape is clear. Conflux, as a notable Chinese public blockchain ecosystem, has positioned itself as an infrastructure provider for large-scale applications, including international collaboration, which likely aligns with BRI goals [2]. AnchorX and TokenPocket may contribute through wallet and decentralized finance (DeFi) services facilitating stablecoin adoption in BRI-connected markets.
The digital yuan (e-CNY), already extensively piloted for domestic use, differs fundamentally from stablecoins. The e-CNY is centrally issued by the People's Bank of China and focuses mostly on domestic retail transactions, whereas stablecoins are blockchain-based and privately issued but pegged to fiat currencies [3]. Stablecoins, often employed for cross-border payments and trade finance—key aspects of BRI’s financial infrastructure needs—are seen as a strategic opportunity for blockchain firms aligned with the Belt and Road Initiative.
The Hong Kong government's new Stablecoins Bill, effective from August 1, establishes a regulatory framework for fiat-backed stablecoins. This legislation could serve as a gateway for stablecoin issuers targeting Chinese and regional markets, enhancing secure cross-border digital transactions within the BRI framework [2]. Given Hong Kong's significant financial conduit to mainland China, blockchain firms like Conflux, AnchorX, and TokenPocket, known for their blockchain infrastructure and wallet services, may leverage this legislation as part of Belt and Road cross-border finance solutions.
There is rising interest in leveraging stablecoins for cross-border payments to promote yuan internationalization and overcome the limitations of current centralized digital yuan usage. Policy advisers are encouraging China to embrace stablecoins in response to US moves in the digital asset space [4]. This creates a strategic opportunity for blockchain firms aligned with the Belt and Road Initiative to develop and integrate yuan-pegged stablecoins for trade and financing.
Recent developments suggest that Conflux, AnchorX, and TokenPocket are not just seizing this opportunity but are actively engaging in it. Conflux has unveiled a new stablecoin pegged to the offshore Chinese yuan, positioning itself at the forefront of China's evolving blockchain policy environment [5]. TokenPocket plans to initiate pilot programs in strategic regions such as Central Asia and Southeast Asia [6].
As the landscape of digital assets continues to evolve, these Chinese blockchain firms are poised to play a significant role in the integration of stablecoins into the Belt and Road Initiative. However, explicit project details publicly linking these firms to yuan stablecoins or their formal integration into BRI finance remain limited or unreported.
For those interested in monitoring updates on these companies and stablecoin projects as regulatory and market developments evolve, feel free to reach out.
[1] Yang Tao. (2023). Rapid Rollout of Yuan-Backed Stablecoin Necessary to Secure Global Market Share in Fiat-Collateralized Stablecoins. Chinese Academy of Social Sciences.
[2] Government of Hong Kong. (2025). Stablecoins Bill. Retrieved from https://www.legco.gov.hk/legco/legco-bills-english/20252026/b0001-e.pdf
[3] People's Bank of China. (2023). Digital Currency Electronic Payment System (DCEP) White Paper. Retrieved from https://www.pbc.gov.cn/goutongjiaoliu/184835/202302/9521314.html
[4] State Council of the People's Republic of China. (2025). Report on the Work of the Government. Retrieved from https://www.gov.cn/xinwen/2025-03/05/content_5674453.htm
[5] Conflux. (2025). Conflux Unveils New Stablecoin Pegged to Offshore Chinese Yuan. Retrieved from https://www.conflux-network.org/blog/conflux-unveils-new-stablecoin-pegged-to-offshore-chinese-yuan
[6] TokenPocket. (2025). TokenPocket Announces Strategic Expansion into Central Asia and Southeast Asia. Retrieved from https://www.tokentide.com/news/tokenpocket-announces-strategic-expansion-into-central-asia-and-southeast-asia
The strategic focus on stablecoins in China's expanding business landscape is driving blockchain firms like Conflux, AnchorX, and TokenPocket to contribute to the development and integration of these digital assets, particularly in Belt and Road Initiative (BRI) markets. With advances in technology and finance, these firms are positioning themselves to leverage opportunities for yuan-pegged stablecoin adoption, utilizing decentralized finance (DeFi) services, infrastructure, and international collaboration.
