The two most talked-about stablecoins in the circle recently, one is a veteran and the other is a newcomer: USDT and JD-HKD launched by JD.com, with completely different approaches.

USDT is an old player, issued by Tether, backed by the Bitfinex exchange, pegged to the US dollar (USD). It is widely used in the global crypto space for cross-border transfers and asset hedging, with solid liquidity. However, there are some controversies in terms of regulation, and its transparency has always been questioned.

JD.com's JD-HKD directly targets the Hong Kong dollar, backed by JD Group, focusing on B-end services. In the future, it may integrate with cross-border payments, e-commerce, and financial scenarios. As for regulation, the HKMA in Hong Kong is overseeing it, making it more standardized and transparent. However, it has not been officially launched yet, which is worth looking forward to.

Could it be that it will primarily target the Hong Kong market in the future?