Conflux Network, the only regulatory compliant public blockchain in China, has played a pivotal role in the successful beta-testing of the Hong Kong Dollar (HKD)-backed stablecoin, AxHKD, built by local fintech company AnchorX. The stablecoin will be launched on Conflux Network initially, followed by Ethereum. AxHKD ensures a 1:1 peg to the HKD, backed by high-quality liquid asset reserves protected by a segregated trust arrangement and held by regulated financial institutions in Hong Kong. The stablecoin has two primary applications: enhancing cross-border transactions between Hong Kong/mainland China and the global market, and acting as a reliable fiat-on-chain instrument for virtual asset trading.