Conflux Network hosts a growing Asia-first stablecoin lineup: AxCNH (offshore Chinese yuan), AxHKD (Hong Kong dollar), USDT0 (Tether's omnichain USDT), and XAUt0 (Tether Gold's omnichain deployment). AxCNH launched in pilot in Singapore and Malaysia in August 2025 as part of Belt & Road Initiative cross-border payment infrastructure. Together they target the Asia-Pacific corridor and drive sustained CFX gas demand from non-speculative sources.
Why Asia-first stablecoins matter
Stablecoin adoption is one of the strongest predictors of a blockchain's actual utility. A Layer 1 with no stablecoin volume is functionally a speculative-only network. A Layer 1 with billions in stablecoin volume is doing real work.
Conflux's lineup is regulator-engaged and corridor-specific — focused on cross-border payments between China, Hong Kong, and Belt & Road economies. eSpace's EVM compatibility means builders can use these stablecoins with standard Ethereum tooling without giving up Conflux's throughput advantages.
What's live as of late 2025 / early 2026
AxCNH — offshore Chinese yuan
AxCNH is a stablecoin pegged to the offshore Chinese yuan (CNH), issued by AnchorX. It launched in pilot in Singapore and Malaysia in August 2025 as part of Belt & Road Initiative cross-border payment infrastructure. AxCNH is one of the first regulatory-engaged offshore CNH stablecoins to operate at the Layer 1 level. It targets cross-border settlement between Chinese trading partners and Belt & Road corridor countries — a use case the broader USD-stablecoin ecosystem doesn't address well. For CFX, every AxCNH transaction on Conflux burns CFX as gas. Sustained AxCNH volume = sustained CFX demand from a non-speculative source.
AxHKD — Hong Kong dollar
AxHKD is a Hong Kong dollar stablecoin, also from AnchorX, complementing AxCNH for the regional corridor. The Hong Kong Monetary Authority has been notably engaged with stablecoin regulation — Hong Kong's stablecoin ordinance came into effect in 2025 — making AxHKD's compliance posture clearer than many alternatives.
USDT0 — Tether's omnichain USDT
USDT0 is Tether's omnichain USDT — the same dollar-backed USDT that exists on Ethereum, Tron, and other chains, deployed as a single fungible token across all supporting networks via the OFT (Omnichain Fungible Token) standard. Conflux is one of the supporting networks. This brings the largest stablecoin in the world onto Conflux without requiring a Conflux-specific bridge or wrapped variant.
XAUt0 — Tether Gold
XAUt0 is the omnichain deployment of Tether Gold (XAUT), a token backed 1:1 by gold reserves. The Conflux deployment was announced in early April 2026 — visible in the CFX price data as a roughly 16% rally over the following week as the market priced in the announcement. Asia has historically been the largest physical-gold market by volume; XAUt0 on Conflux opens digital gold to Asian on-chain users in a way that makes more sense than going through Ethereum's gas costs.
Using stablecoins in Conflux Wallet
All four stablecoins are supported in Conflux Wallet:
- AxCNH and AxHKD — receive on either Core Space (cfx:...) or eSpace (0x...) addresses depending on the deployment. The wallet identifies the correct space and shows the balance accordingly.
- USDT0 — typically held on eSpace (0x...) for compatibility with EVM tooling.
- XAUt0 — held on eSpace.
Sending and receiving works the same as CFX itself, but transaction fees still pay in CFX (stablecoins don't pay their own gas; gas is always paid in the network's native token). To switch spaces in Conflux Wallet, use the Core / eSpace toggle in the wallet header.
Why this matters for CFX
In the medium term, sustained stablecoin volume on Conflux is more bullish for CFX than typical crypto cycle drivers. Speculation cycles come and go; non-speculative transaction volume from cross-border payments and digital-gold trading is more durable. According to Conflux Foundation telemetry, network volume reached approximately $50B in stablecoin activity in late 2025.
This is what the price-prediction analysis on /price/prediction references when it talks about "Belt & Road corridor activity" as a CFX price driver. AxCNH alone, scaled to even a fraction of Belt & Road trade volume, would burn meaningful CFX — without ever appearing as "crypto news."
Sources
- AnchorX announcements (AxCNH/AxHKD pilot launch Singapore + Malaysia, August 2025)
- ainvest.com: "Conflux Network 3.0 to Launch in August Boosting Transaction Throughput by 15000 TPS" (July 2025)
- Crypto News Navigator: "Conflux Network Just Broke 400M Transactions Without Slowing Down" (April 2026)
- USDT0 documentation
- Tether Gold (XAUT/XAUt0) deployment announcement (April 2026)