Recently, $JD-SW (09618.HK)$ Chairman Liu Qiangdong stated during a Share meeting that JD.com hopes to apply for stablecoin licenses in all major MMF countries worldwide, and then use these stablecoin licenses to facilitate currency exchange among global businesses, reducing cross-border payment costs by 90% and increasing efficiency to within 10 seconds.
This has also drawn attention to JD.com again. JD Coin Chain CEO Liu Peng recently revealed that JD Coin Chain's scenario testing in the "sandbox" is progressing smoothly, with plans to launch stablecoins pegged to the Hong Kong dollar and other currencies. At the same time, there are media reports that JD's stablecoin will be launched as early as the fourth quarter of this year.
As of now, several domestic companies such as ANT GROUP CO., LTD. and Xiaomi have reported developments related to stablecoins, while global regulators in the United States, European Union, and United Kingdom are accelerating the legislative process for stablecoins.
Empowering scenarios such as cross-border payments.
According to media reports, Liu Qiangdong stated at this Share meeting that JD.com will have six innovative projects in the short term, one of which is the stablecoin.
Stablecoins are cryptocurrencies that maintain price stability by pegging them to assets (such as the US dollar and Hong Kong dollar) or through algorithmic adjustments. As of May 3, 2025, the issuance scale of stablecoins worldwide has exceeded 240 billion USD. In May of this year, Hong Kong passed the "Stablecoin Regulatory Draft" (hereinafter referred to as the "Draft"), based on which Hong Kong will officially establish a licensing system for fiat stablecoin issuers.
According to media reports, JD.com Coin Chain is expected to obtain a license in early the fourth quarter. A reporter from Securities China verified with JD.com staff, who stated that the license is currently in the application process, but it's difficult to predict the timing of obtaining the license.
Liu Peng stated that at present, the JD.com stablecoin has not been officially issued, but it has entered the second phase of sandbox testing. "We will provide mobile and PC application products for both retail and Institutions. The testing scenarios mainly include cross-border payments, investment Trades, retail payments, and so on."
Liu Peng pointed out that in the cross-border payment scenario, the JD.com Coin Chain has two main characteristics: first, it has fast speed, reducing transaction time from days to minutes, or even seconds; second, it has low costs, reducing intermediaries and transaction fees, thereby saving on cross-border payment costs; third, it provides uninterrupted payment services throughout the year, making it suitable for current international trade settlement applications.
Several major companies have announced their entry into the market.
In addition to JD.com, ANT GROUP CO., LTD., Xiaomi, and others have also been reported to be issuing stablecoins.
In July 2024, the Hong Kong Monetary Authority announced the first batch of stablecoin issuers in the "sandbox," and JD.com Coin Chain Technology was included among them. Following that, Tianxing Bank, which belongs to Xiaomi, announced a partnership with JD.com’s JD.com Coin Chain Technology for stablecoin collaboration.
On June 12, market news reported that ANT GROUP CO., LTD. subsidiaries Ant International and Ant Digital Technology both plan to apply for stablecoin licenses in Hong Kong. In response, Ant stated, "We welcome the Hong Kong Legislative Council's passing of the 'Stablecoin Regulatory Draft,' effective August 1. After the relevant channels are opened, we will submit applications as soon as possible, hoping to contribute more to building Hong Kong's future international financial center."
Industry insiders stated that current companies issuing stablecoins, like JD.com and ANT GROUP CO., LTD., have a natural payment application scenario. Taking JD.com Coin Chain as an example, in the retail payment scenario, the JD.com e-commerce ecosystem can quickly assist in completing its cold launch from "0 to 1." JD.com staff introduced that JD.com Coin Chain is currently coordinating and testing with JD.com’s Hong Kong and Macau station and other receiving scenarios, which means that in the future, JD.com’s Hong Kong and Macau station will support stablecoin shopping.
Senior Analyst Wang Pengbo from Broadcom Consulting in the financial industry stated to reporters: "The issuance of stablecoins may also encourage Institutions to explore new business models based on blockchain technology, such as digital finance and cross-border services, further opening up growth space for Business."
Another stablecoin bill has been passed.
On June 17 Eastern Time, the U.S. Senate formally passed the "Guidance and Establishment of the U.S. Stablecoin National Innovation Act" (the "GENIUS Act") with 68 votes in favor and 30 against, establishing the first federal regulatory framework for USD-pegged Cryptos stablecoins, marking the first inclusion of the Cryptos asset industry under U.S. federal-level legal regulation.
CITIC SEC pointed out that from the goal perspective, the Trump administration's acceleration of stablecoin legislation aims to maintain the dollar's dominance while serving the common interests of its family members and electoral alliances in the Cryptos field.
In fact, global regulatory agencies are accelerating the legislative process for stablecoins, aiming to establish a clear regulatory framework for the issuance mechanisms of stablecoins to protect consumer rights, such as the regulations recently passed in Hong Kong and the EU's MiCA Act.
China Securities Co.,Ltd. pointed out that with the arrival of a new era of payments—the digital payments era, the development of stablecoins can bridge the gap between Digital Currency and credit currency. It allows payment needs that originally attempted to escape the U.S. dollar monetary system and shift to the Digital Currency system, to wear a stablecoin cloak, returning to the centralized monetary system.
China Securities Co.,Ltd. predicts that the implementation of stablecoin legislation is beneficial for accelerating the large-scale application of RWA, with the RWA market expected to soar to 16 trillion USD by 2030. The company noted that compliant and transparent stablecoins are likely to play an indispensable "engine" and "cornerstone" role in the RWA ecosystem, laying a foundation of compliance and trust for RWA financing while significantly reducing costs and increasing efficiency, which will accelerate the process of transforming various real assets into digital tokens through blockchain technology, likely supporting the large-scale application of RWA.
RWA, or "Real World Assets," refers to the tokenization of traditional financial or physical assets through blockchain technology, making them tradable, usable as collateral, and able to circulate within the digital ecosystem.
Editor/rice
