Chinese blockchain Conflux announced a third version of its public network and introduced a new stablecoin backed by offshore Chinese yuan.

According to a report from the Shanghai municipal government on Sunday, Conflux announced the developments during a three-day conference over the weekend. At the event, Conflux unveiled a partnership with fintech firm AnchorX and information technology security firm Eastcompeace to support the launch of an offshore yuan-backed stablecoin.

The news follows AnchorX receiving in-principle approval for its yuan-pegged stablecoin AxCNH by Kazakhstan’s regulator, the Astana Financial Services Authority, in late February. A Conflux spokesperson confirmed that the stablecoin it is working on is AxCNH and not a separate project.

Read the full story at CoinTelegraph.