Conflux Network, a Chinese public blockchain, has revealed that the AxHKD stablecoin, which is backed by the Hong Kong dollar, is currently being tested.
The AxHKD stablecoin’s beta testing has been successfully started, according to a March 8 post by Conflux on X. The local financial startup AnchorX is developing AxHKD, which will shortly be released on Ethereum and the Conflux network. Team Conflux Network:
“AxHKD on Conflux guarantees a secure 1:1 peg to the HKD with high-quality reserves and regulated custodianship by OKLink Trust.”
The project team elucidates that AxHKD plays two key functions in the financial sector: it expedites worldwide payments by facilitating smooth cross-border transactions between Hong Kong and China and the rest of the globe.
AxHKD is a dependable blockchain solution that makes trading virtual assets easier using the stablecoin. Earlier in January, Conflux announced the availability of a layer 2 solution based on the Bitcoin network that is compatible with the Ethereum Virtual Machine (EVM).
The creators claim the network can implement smart contracts because of EVM compatibility. The developers also mentioned that the proof-of-stake (PoS) protocol might be used.
The mainnet is anticipated to launch in May of 2024, with the testnet set for release in the first quarter of 2024. The infrastructure for Conflux is being implemented in the biggest IT businesses, and the project is being developed by a team with open support from the Chinese government.
Conflux Network is based in Singapore, but its important staff members and investors are either members of the mainland Chinese tech elite or come from China.
