BSN, Xinhuo Chain Network, Chang'an Chain, Conflux: Who will become the technological cornerstone of China's stablecoin?

As major economies around the world lay out their stablecoin strategies, China's national-level blockchain infrastructure has also entered the spotlight. The United States, the European Union, Hong Kong, and other regions have successively introduced regulatory norms, making stablecoins a strategic high ground in the new round of digital financial competition. So, who will become the technological cornerstone of China's stablecoin? This article will deeply analyze the technological strength and development potential of four major state-owned public chains — BSN, Xinghuo Chain Network, Chang'an Chain, and Conflux — revealing the latest landscape of the competition for the underlying public chains of China's stablecoin.

BSN: Multi-framework adaptation, creating a national-level Blockchain operating system

The Blockchain Service Network (BSN) is jointly created by major players such as the National Information Center, China Mobile, and China UnionPay, aiming to provide unified and standardized blockchain infrastructure for enterprises and developers. BSN is centered around multi-framework adaptation and decentralized cloud deployment, covering various forms such as consortium chains and public chains. Although its DDC network and Spartan network do not have token designs, they emphasize fiat currency settlement and cross-chain compatibility, providing reliable on-chain services for domestic and international enterprises. The only challenge lies in the lack of a native token mechanism, which may limit its flexibility and international competitiveness in stablecoin issuance.

Spark Chain Network: Deepening Industrial Scenarios, National Strategic Infrastructure

The Starfire Blockchain Network is supported by the Ministry of Industry and Information Technology, focusing on applications in the industrial and real economy. Its dual-layer structure (main chain + sub-chain) connects industries, regions, and international nodes, ensuring security and compliance through a permissioned system. The Starfire Blockchain Network has already implemented multiple applications in areas such as advanced manufacturing, supply chain collaboration, and trustworthy sharing of industrial data, providing strong support for stablecoins in industrial finance and supply chain finance scenarios. However, similar to BSN, the Starfire Blockchain Network currently does not design a native token, which may become a major challenge in the competitive global stablecoin market.

Chang'an Chain: Jointly built by state-owned enterprises and tech giants, supporting digital RMB and stablecoins

The Chang'an Chain is jointly promoted by state-owned enterprises such as the State Grid, Construction Bank, Tencent, and Baidu, featuring ultra-high TPS and enterprise-level security. It has been included in the Beijing government's technology innovation plan and has begun cooperation with the Central Bank Digital Currency Research Institute to promote the application of digital RMB and enterprise-level stablecoin based on the Chang'an Chain. The Chang'an Chain not only has the capability of token design but also meets the high concurrency demands of large-scale financial institutions, making it a strong competitor in the underlying architecture of China's stablecoin.

Conflux (Tree Graph Blockchain): The only Chinese public blockchain with international influence

Conflux, created by the Tsinghua Yao Class team, is the only legally issued public blockchain for cryptocurrency in mainland China. Its native token CFX has been listed on major global exchanges and is actively exploring an offshore stablecoin (AxCNH) pegged to the RMB to support cross-border payments for the "Belt and Road" initiative. Conflux has original technology, a background of cooperation with state-owned enterprises, and an international ecosystem, making it potential to become a bridge for China’s stablecoin on the international stage.

Conclusion

The technical foundation battle of China's stablecoin is centered around four national-level public chains: BSN, Xinghuo Chain Network, Chang'an Chain, and Conflux. In the future, who can win in multiple dimensions such as compliance, safety, performance, and internationalization will determine whether China's stablecoin can go global. As policies and market environments continue to evolve, the international competitiveness and innovation capability of Chinese public chains will become the key to victory.