Key Takeaways
- Chinese e-commerce giant JD.com has tested HKD-pegged tokens in Hong Kong’s regulatory sandbox.
- JD.com completed the second phase of its testing and aims to launch the stablecoin for Q4 if approved.
- The move comes as the US Senate passes the GENIUS Stablecoin bill aimed at giving regulatory clarity on the issuance of stablecoin in the US.
China’s retail giant J.com has officially stepped into the stablecoin space by testing a stablecoin in Hong Kong, becoming the latest major entrant in blockchain-based payments as regulatory frameworks solidify across Asia and the US.
According to a significant policy announcement made at the Lujiazui Forum, People’s Bank of China (PBOC) Governor Pan Gongsheng revealed plans for launching an international operation center for the e-CNY in Shanghai. The move signals China’s broader ambition to boost the digital yuan’s presence on the global stage, just as stablecoins and other digital payment technologies begin to reshape cross-border transactions.
Integrated across JD’s Ecosystem
Through its fintech arm, JD Coinlink, the company has been quietly piloting a stablecoin in Hong Kong, backed by the Hong Kong dollar and other fiat currencies, under the Hong Kong Monetary Authority’s (HKMA) sandbox program. According to Peng, the stablecoin in Hong Kong will be integrated across JD’s ecosystem in Hong Kong and Macau, supporting real-world transactions tied to global trade, M&A activity, and B2B settlements. Peng said:
“We expect to obtain the license in early Q4 of this year and launch JD Stablecoin simultaneously […] it will be issued on a public chain, where issuance data can be transparently tracked by anyone.”
Preparing For a Stablecoin Boom
The testing of the stablecoin in Hong Kong by JD.com happens at a time when major financial powerhouses globally are preparing themselves for a stablecoin boom. The US Senate just passed the long-awaited GENIUS Act, a landmark bill that would create clear rules for issuing stablecoins in the country. The Act now awaits a final vote in the House, which is expected before the August recess.
As everyone awaits the new rules to take place, a slew of traditional finance and Fintech companies have launched or are in the process of launching their stablecoins. These include JPMorgan, PayPal, Citigroup, Standard Chartered, Ripple, Robinhood, Kraken, Galaxy Digital, Societe Generale, Sumitomo Mitsui, ANZ Bank, Stripe, National Australia Bank and Fidelity. Currently, the stablecoin market is dominated by Tether’s USDT and Circle’s USDC, which together account for over 80% of the global volume.
Conclusion
The entry of JD.com into the world of crypto payments, along with the announcement of testing a global stablecoin in Hong Kong, underscores the Chinese e-commerce giant’s plan to reduce cross-border settlement costs and times by up to 90% and under 10 seconds, respectively. The firm seeks to initiate business-to-business transactions before expanding to the consumer market. The move aligns with growing global interest in stablecoins, highlighted by the US Senate’s recent passage of the GENIUS Act.
Frequently Asked Questions
What is the Stablecoins ordinance in Hong Kong?
The Ordinance was gazetted on May 30, 2025. Its primary purpose is to supervise activities involving stablecoins and to introduce a licensing regime for regulated stablecoin activities in Hong Kong.
Is Hong Kong crypto-friendly?
Hong Kong was recently named the second most crypto-friendly city in the world by the Crypto Friendly Cities Index 2025.
What is the crypto law in Hong Kong?
The stablecoin law is part of a broader effort by Hong Kong to establish itself as a cryptocurrency hub. Under a 2023 law regulating other virtual assets, crypto exchanges are required to be licensed by the Securities and Futures Commission.