In a bold move signaling the growing convergence of e-commerce and blockchain innovation, JD.com founder Liu Qiangdong has announced the company's ambitious plan to apply for stablecoin licenses across all major currency nations. The vision? To revolutionize global cross-border payments by slashing transaction costs by up to 90% and accelerating settlement times to under 10 seconds.
This strategic initiative underscores JD’s long-term commitment to redefining B2B and eventually B2C financial infrastructure using blockchain-powered stablecoins—digital assets pegged one-to-one with fiat currencies like the Hong Kong dollar (HKD), US dollar (USD), or euro (EUR).
A New Era of Global Payment Efficiency
Currently, international business-to-business (B2B) money transfers can take anywhere from two to four days, often burdened by high fees and intermediary banks. Liu emphasized that JD aims to solve this inefficiency at scale.
"Once we complete our B-side payment system, we’ll begin penetrating consumer-facing (C-side) payments. One day, people may use JD’s stablecoin to pay anywhere in the world."
By securing regulatory approval in key financial jurisdictions, JD intends to create a seamless, compliant network where enterprises—and eventually individuals—can transact instantly across borders without traditional banking bottlenecks.
What Is a Stablecoin and Why It Matters
Stablecoins are a class of cryptocurrencies designed to maintain price stability by being backed 1:1 with reserve assets such as fiat currency, commodities, or other financial instruments. Unlike volatile digital assets like Bitcoin or Ethereum, stablecoins offer predictability, making them ideal for real-world transactions, remittances, and integration into decentralized finance (DeFi) ecosystems.
JD’s stablecoin project, developed through its subsidiary Jingdong Coinlink Technology (Hong Kong), is built on public blockchain infrastructure. This ensures transparency, immutability, and interoperability with existing Web3 applications.
Key features of JD’s proposed stablecoin include:
- Full 1:1 peg to the Hong Kong dollar (HKD)
- Reserves held in secure, licensed financial institutions
- Independent custody accounts to protect user funds
- Regular audits and public disclosure reports to verify reserve integrity
These safeguards align closely with international regulatory expectations and position JD as a serious player in the regulated digital asset space.
Advancing Through Hong Kong’s Regulatory Sandbox
While the global rollout remains on the horizon, JD is already making tangible progress in Hong Kong—one of Asia’s most forward-thinking financial hubs. In 2024, the company announced plans to launch its HKD-pegged stablecoin through a phased approach within Hong Kong’s Financial Services and the Treasury Bureau (FSTB)-supervised Innovation Sandbox.
As of May 28, 2025, Jingdong Coinlink has advanced into the second phase of sandbox testing. Led by CEO Liu Peng, the team is piloting mobile and desktop applications tailored for both retail and institutional users. Test scenarios include:
- Cross-border corporate payments
- Investment settlements
- In-store and online retail transactions
The sandbox environment allows JD to refine its technology while maintaining compliance with anti-money laundering (AML), know-your-customer (KYC), and cybersecurity standards—critical steps toward full licensure.
Other notable participants in Hong Kong’s stablecoin sandbox include Standard Chartered Bank, Animoca Brands, HKT Hong Kong Telecom, and Yuanyi Innovation Technology, reflecting broad industry interest in regulated digital currency innovation.
The Broader Trend: Tech Giants Enter Regulated Digital Finance
JD is not alone in pursuing regulated stablecoin opportunities. Ant Group, through its Ant Digital Technologies arm, has also initiated the application process for a Hong Kong stablecoin license. According to Bian Zhuoqun, Vice President and Head of Blockchain at Ant Digital Tech, the company has engaged in multiple rounds of dialogue with regulators and has already completed pilot trials within the same sandbox framework.
Notably, Ant Group has designated Hong Kong as its global headquarters for digital currency operations—an endorsement of the city’s balanced regulatory approach and strategic access to both mainland China and international markets.
This coordinated movement by China’s tech titans reflects a shared belief: the future of global payments lies in regulated, blockchain-based stablecoins that combine speed, security, and compliance.
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Frequently Asked Questions (FAQ)
Q: What is a stablecoin license?
A: A stablecoin license is a regulatory authorization granted by financial authorities that permits an organization to issue and manage digital tokens pegged to fiat currencies. It ensures compliance with capital requirements, reserve auditing, consumer protection, and AML regulations.
Q: Will JD’s stablecoin be available worldwide immediately?
A: No. JD plans a phased rollout starting with pilot programs in regulated environments like Hong Kong. Expansion into other major economies will depend on local licensing approvals and regulatory cooperation.
Q: How does JD’s stablecoin reduce cross-border payment costs?
A: By eliminating intermediaries and leveraging blockchain settlement, JD’s system reduces processing layers and operational overhead—cutting fees by up to 90% compared to traditional SWIFT-based transfers.
Q: Is JD’s stablecoin similar to USDT or USDC?
A: Yes, in structure. Like Tether (USDT) or Circle’s USDC, JD’s token is fiat-collateralized and aims for 1:1 parity with a legal tender (initially HKD). However, it’s tailored specifically for enterprise use cases within JD’s ecosystem.
Q: Can individuals use JD’s stablecoin for everyday purchases?
A: Initially focused on B2B transactions, JD has expressed intent to expand into consumer (B2C) payments over time—potentially enabling users to spend stablecoins globally via JD Pay or partner merchants.
Q: Is the stablecoin built on Ethereum or another blockchain?
A: While specific technical details haven’t been fully disclosed, JD’s stablecoin operates on public blockchain infrastructure compatible with smart contracts and DeFi protocols—ensuring scalability and interoperability.
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