JD.com, one of China’s top e-commerce and technology powerhouses, is preparing to enter the global stablecoin arena by seeking regulatory approval in multiple jurisdictions. The move was announced by JD.com’s founder and chairman Richard Liu, who revealed the plan during a press conference in Beijing on Tuesday.
“Our goal is to secure stablecoin licenses in all major sovereign currencies,” Liu said, highlighting a vision for frictionless global B2B transactions that would significantly cut costs and delays.
According to Liu, JD.com’s upcoming stablecoin initiative could reduce the cost of international payments by up to 90%, while enabling transaction speeds as fast as 10 seconds. This stands in stark contrast to the high fees and sluggish processing times of legacy systems like SWIFT.
“Imagine a world where customers worldwide can use JD’s coin for smooth international purchases,” he added.
JD.com’s ambitions come at a time when regulators worldwide are shaping the future of dollar-backed stablecoins, particularly in the U.S., which could influence global adoption frameworks.
China’s Central Bank Acknowledges Stablecoins’ Impact
Just a day later, People’s Bank of China Governor Pan Gongsheng addressed the growing influence of blockchain and stablecoins on global finance, saying they are transforming legacy payment infrastructures and dramatically enhancing cross-border efficiency. However, Pan also cautioned about the regulatory challenges they pose.
Stablecoins: The New Battleground for Chinese Tech Giants
JD.com is not alone in this race. JD Coinlink, a subsidiary of JD.com, has already tested Hong Kong dollar-pegged stablecoins, according to a recent Bloomberg Businessweek report. Meanwhile, Ant Group, the parent of Alipay, recently confirmed plans to pursue a stablecoin license in Hong Kong through its international arm.
JD.com Reports Strong Financial Growth Amid Crypto Push
JD’s strategic shift into stablecoins coincides with robust earnings. The company posted Q1 revenue of RMB 301.1 billion ($41.5 billion), up 16% year-over-year. For all of 2024, JD reported RMB 1.158 trillion ($158.8 billion) in revenue, maintaining its status as a top-tier player in China’s e-commerce landscape, alongside Alibaba and Pinduoduo.