JD stablecoin will apply for licenses globally.

Author: Tang Jun Zhao Hanyu

After Ant announced the application for two stablecoin licenses in Hong Kong, JD.com officially announced the application for a stablecoin license.

On June 17th, Liu Qiangdong, Chairman of the Board of JD Group, stated at a sharing session that JD hopes to apply for stablecoin licenses in all major currency countries around the world, and hopes that one day everyone can use JD stablecoin to make payments when consuming globally.

On June 19, media reports indicated that JD.com's stablecoin plan is set to launch as early as the fourth quarter of this year, initially applying to the settlement scenarios of JD Global Sale's Hong Kong and Macau stations.

In response, JD stated to Caijing that it hopes to obtain a license in early the fourth quarter of this year and simultaneously launch JD stablecoin. The JD stablecoin will be issued on a public blockchain, and at that time, anyone will be able to publicly check data such as the issuance volume. At the same time, JD emphasized that the specific timeline depends on regulation.

JD Stablecoin Pegged to HKD and USD

Stablecoins are a special type of cryptocurrency that possess advantages of blockchain technology such as decentralization, peer-to-peer transactions, low costs, and high efficiency. Unlike cryptocurrencies like Bitcoin, stablecoins are typically pegged to reference assets such as fiat currencies to maintain a relatively stable value and serve as a medium for trading crypto assets.

In recent years, stablecoins have gradually penetrated traditional financial fields such as cross-border payments due to their characteristics of stability in value, high efficiency, and low cost.

During the aforementioned sharing session, Liu Qiangdong stated that JD.com hopes to apply for stablecoin licenses in all major currency countries worldwide, and then use the stablecoin licenses to facilitate foreign exchange between global enterprises, reducing cross-border payment costs by 90% and improving efficiency to within 10 seconds.

"Currently, remittances between enterprises take an average of 2 to 4 days, and the costs are quite high. After completing B-end (business side) payments, we will penetrate into C-end (retail side) payments, hoping that one day everyone can use JD stablecoins for payments when consuming around the world," Liu Qiangdong said.

In addition, according to JD.com, JD.com's stablecoin is a stablecoin based on the public chain and pegged 1:1 to fiat currencies such as Hong Kong dollar (HKD) or US dollar (USD). The first phase of tentative issuance is a stablecoin pegged to the Hong Kong dollar and the US dollar, subject to regulatory and market demand.

In July 2024, JD Coin Chain Technology, a subsidiary of JD.com, became one of the first three companies selected for the Hong Kong Monetary Authority's "Stablecoin Issuer Sandbox."

Liu Peng, CEO of JD Coin Chain Technology, stated in an interview with Caijing that "issuing payment-type stablecoins through blockchain technology can not only solve the problems encountered in cross-border settlement but also effectively serve other enterprises and the real economy, generating significant economic and social effects for both the company and society."

Currently, JD's stablecoin has entered the second phase of sandbox testing. The testing scenarios mainly include cross-border payments, investment trading, and retail payments. In the future, it will provide mobile and PC application products for both retail and institutional clients.

In the cross-border payment scenario tests, JD's stablecoin exhibits characteristics such as fast transaction speed, low cost, and uninterrupted service throughout the year. "This makes it very suitable for the current international trade settlement applications," Liu Peng said.

It is worth noting that Liu Qiangdong repeatedly emphasized at the aforementioned sharing session that all of JD's businesses revolve around the supply chain. The JD stablecoin is also regarded as an innovative practice centered around the JD supply chain.

Previously, a technology expert deeply involved in the Hong Kong market told Caijing, "JD.com cannot only focus on stablecoins; it will definitely use stablecoins in its own supply chain to enhance supply chain efficiency."

Tech Giants Join the Game

Before JD.com officially announced, Ant Group announced that it will apply for two stablecoin licenses in Hong Kong.

On June 12, a week ago, Ant Group's two independent divisions, Ant International and Ant Digital Technology, announced that they would apply for stablecoin licenses.

Ant International stated to Caijing that it is accelerating investment and expanding cooperation in global financial asset management, putting its innovations in AI (artificial intelligence), blockchain, and stablecoins into real and reliable large-scale applications.

Ant Group Vice President and President of Ant Digital Blockchain Business, Bian Zhuoqun, stated that the core value of stablecoins lies in the expansion of use cases and the construction of compliance.

"Ant Financial Technology, starting from industry and technology, is committed to building digital trading scenarios based on stablecoins, promoting the development of new asset classes with technology at the core. At the same time, Ant Financial Technology provides a new incremental market for stablecoin trading by offering safe, reliable, and compliant infrastructure, enhancing trading efficiency and liquidity," said Bian Zhuoqun.

Behind the entry of tech giants is the gradually clearer regulatory attitude towards stablecoins.

On June 6, the Hong Kong SAR government published the "Stable Coin Ordinance (Commencement Date) Notice" in the Gazette, designating August 1, 2025, as the date for the implementation of the "Stable Coin Ordinance," announcing that this new entity derived from cryptocurrency has obtained legal status in Hong Kong.

On June 17, Eastern Time, the U.S. Senate voted to pass the "Guiding and Establishing the American Stablecoin National Innovation Act" (hereinafter referred to as the "GENIUS Act"), marking the first time that the chamber has approved major cryptocurrency legislation. Next, the bill still needs to be passed by the House of Representatives and signed by the president to take effect.

On June 18, during a public speech at the Lujiazui Forum, Pan Gongsheng, the Governor of the People's Bank of China, mentioned that "emerging technologies such as blockchain and distributed ledgers are driving the vigorous development of central bank digital currencies and stablecoins, achieving 'payment and settlement' simultaneously, reshaping the traditional payment system from the ground up, significantly shortening the cross-border payment chain, while also posing enormous challenges to financial regulation. Technologies such as smart contracts and decentralized finance will continue to promote the evolution and development of the cross-border payment system."

Public data shows that in 2024, the transaction volume supported by stablecoins will reach 27.6 trillion USD, surpassing the total transaction volume of global payment giants Visa and Mastercard. Currently, Visa and Mastercard have announced the inclusion of stablecoins in their global payment systems. This means that stablecoins are expected to become a mainstream payment and settlement option in global transactions.

The capital market has also given positive feedback on stablecoins. The world's first stablecoin stock, Circle, has seen its price rise over 450% in less than two weeks since its listing. Data from Wind shows that in the past two weeks, the A-share stablecoin index has increased by nearly 20%.