Ethereum

2024

Bitcoin

Conflux

Conflux Network, a public blockchain in China, has announced testing of the AxHKD stablecoin, backed by the Hong Kong dollar. 
According to a March 8 post by Conflux on X, developers have successfully launched beta-testing of the AxHKD <a href="https://crypto.news/tag/stablecoin/" target="_blank" rel="noreferrer noopener">stablecoin</a>. 
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 Introducing AxHKD, the Hong Kong Dollar-backed stablecoin! Conflux is facilitating the beta-testing of the Hong Kong Dollar-backed stablecoin, AxHKD, on its platform.<a href="https://twitter.com/AnchorX_Ltd?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@AnchorX_Ltd</a> aims to dominate Asia's digital currency landscape by delivering reliable global exchanges. AxHKD… <a href="https://t.co/4RGpQ8uMH7" target="_blank">pic.twitter.com/4RGpQ8uMH7</a>— Conflux Network Official (@Conflux_Network) <a href="https://twitter.com/Conflux_Network/status/1766049986528022545?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 8, 2024</a>
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 You might also like: <a href="https://crypto.news/chinese-ethereum-conflux-jumps-13-following-strategic-deal-with-venture-firm/"> ‘Chinese Ethereum’ Conflux jumps 13% following strategic deal with venture firm </a> 
AxHKD, developed by local fintech company AnchorX, will soon be launched on the <a href="https://crypto.news/tag/Conflux/" target="_blank" rel="noreferrer noopener">Conflux</a> network and then on <a href="https://crypto.news/tag/Ethereum/" target="_blank" rel="noreferrer noopener">Ethereum</a>. 
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 “AxHKD on Conflux guarantees a secure 1:1 peg to the HKD with high-quality reserves and regulated custodianship by OKLink Trust.” <cite>Conflux Network team</cite>
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As the project team explains, AxHKD serves two vital roles in the financial industry: accelerating global payments through seamless cross-border transactions between <a href="https://crypto.news/tag/Hong-Kong/" target="_blank" rel="noreferrer noopener">Hong Kong</a> and <a href="https://crypto.news/tag/China/" target="_blank" rel="noreferrer noopener">China</a> and the world. The stablecoin also opens up new opportunities for virtual asset trading with AxHKD as a reliable blockchain solution. 
Earlier in January, Conflux <a href="https://crypto.news/conflux-to-launch-bitcoin-l2-testnet-expected-by-march/" target="_blank" rel="noreferrer noopener">announced</a> the release of an Ethereum Virtual Machine (<a href="https://crypto.news/tag/EVM/" target="_blank" rel="noreferrer noopener">EVM</a>) compatible layer 2 solution based on the <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> network. According to the developers, EVM compatibility means that smart contracts can be deployed on the network. 
The developers also noted the possibility of using the <a href="https://crypto.news/proof-of-work-vs-proof-of-stake-which-has-the-more-profitable-projections/" target="_blank" rel="noreferrer noopener">proof-of-stake</a> (PoS) protocol. The release of the testnet is scheduled for the first quarter of 2024, and the mainnet is expected in May. 
Conflux is developed by a team with open support from the Chinese government, where the project’s infrastructure is being implemented in the largest technology companies. Conflux Network is registered in <a href="https://crypto.news/tag/Singapore/" target="_blank" rel="noreferrer noopener">Singapore</a>, but its investors and critical employees belong to the Chinese tech elite or have roots in mainland China. 
 You might also like: <a href="https://crypto.news/conflux-reports-16-losses-following-bitcoin-l2-announcement/"> Conflux reports 16% losses following Bitcoin L2 announcement </a>

Conflux Network launches Hong Kong dollar-backed stablecoin

crypto.news

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