- JD.com will seek stablecoin licenses in all major markets after recent stablecoin legislation in Hong Kong.
- The company plans to use stablecoins for business-to-business payments at first, with possible expansion to consumers later.
- Stablecoins could reduce cross-border payment costs by up to 90% and speed up transactions to within ten seconds, according to the company’s chairman.
- Other companies like Ant International, Amazon, and Walmart are also exploring stablecoin opportunities.
- New U.S. legislation, the GENIUS Act, has passed the Senate and could allow large firms to issue stablecoins if it becomes law.
JD.com, a leading e-commerce company in China, says it will apply for stablecoin licenses in all major currency regions. This follows the recent approval of stablecoin regulation in Hong Kong, where its subsidiary, JINGDONG Coinlink Technology, is participating in a regulatory Sandbox.
The company aims to use these digital tokens, known as stablecoins, first for business-to-business (B2B) payments. Richard Liu, chairman of JD.com, stated that this approach could also extend to consumer payments in the future, depending on decisions by regulators in mainland China.
Liu highlighted potential savings and efficiency, saying, “We can reduce the global cross border payment cost by 90% and then improve the efficiency to within ten seconds.” He compared this to traditional payments through international systems like Swift, which often take between two to four days because of banking delays. Simplifying the process by removing intermediaries may make transactions faster.
“I hope one day when I shop around the world I can use JD’s local currency for global payments,” Liu added. However, the use of stablecoins inside China remains subject to regulatory approval, so the company is using Hong Kong as a testing ground for now.
Other major e-commerce and financial companies are taking similar steps. Ant International, the owner of Alipay+, and Ant Digital recently announced plans for their own stablecoin launches in Singapore and mainland China. The Wall Street Journal also reported that Amazon and Walmart are exploring stablecoin development.
This activity follows regulatory changes in places like Hong Kong and the U.S. The recent GENIUS Act passed by the U.S. Senate could allow large companies to issue stablecoins if approved by top U.S. financial leaders. The act still needs to clear additional legislative steps before becoming law.
Stablecoins are digital tokens designed to maintain a steady value, often tied to standard currencies like the U.S. dollar. They are used to enable quicker and more cost-effective payments, especially across borders.
While interest in stablecoins is rising globally, their use in mainland China remains limited by regulatory policy. For now, JD.com and others are looking to regions with more flexible rules as early testing grounds.
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