Conflux Network, a public blockchain based in China, has recently announced the beta-testing phase of the AxHKD stablecoin, which is backed by the Hong Kong dollar. This initiative aims to provide a secure and reliable digital currency solution for users.

Developed by AnchorX, a local fintech company, AxHKD will soon be launched on the Conflux network before being introduced to Ethereum. The stablecoin offers a 1:1 peg to the HKD, with high-quality reserves and regulated custodianship by OKLink Trust.

The project team at Conflux Network highlights the importance of AxHKD in facilitating global payments and enabling seamless cross-border transactions between Hong Kong, China, and the rest of the world. Additionally, AxHKD presents new opportunities for virtual asset trading as a dependable blockchain solution.

Earlier this year, Conflux announced the development of an Ethereum Virtual Machine (EVM) compatible layer 2 solution on the Bitcoin network. This EVM compatibility allows for the deployment of smart contracts on the network, enhancing its functionality.

In addition to EVM compatibility, Conflux is exploring the use of the proof-of-stake (PoS) protocol. The testnet release is scheduled for the first quarter of 2024, with the mainnet expected to launch in May.

Conflux Network, supported by the Chinese government and implemented in major technology companies, is registered in Singapore. The project boasts a team with deep roots in the Chinese tech industry, positioning itself as a key player in the evolving blockchain landscape.

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