Recently, the Hong Kong Legislative Council passed the "Stablecoin Regulation Draft" (hereinafter referred to as the "Regulation"). Based on this regulation, Hong Kong will officially establish a licensing system for fiat-backed stablecoin issuers. JD Coin Chain Technology was selected as one of the first participants in the "Stablecoin Sandbox" announced by the Hong Kong Monetary Authority in July 2024.

JD Coin Chain Technology CEO Liu Peng introduced that the JD stablecoin is a type of stablecoin that is based on a public blockchain and pegged 1:1 to fiat currencies such as the Hong Kong Dollar (HKD) or the US Dollar (USD). The first phase is tentatively set to issue stablecoins pegged to the Hong Kong Dollar and the US Dollar, with specific circumstances adjusted based on regulatory and market demand. The JD stablecoin is not limited to serving JD's own ecosystem but is committed to providing more efficient, economical, and secure payment infrastructure for businesses and individuals worldwide.

He stated, "Currently, the JD stablecoin has not been officially issued, and it has entered the second phase of sandbox testing. We will provide mobile and PC application products for retail and institutional clients. The testing scenarios mainly include cross-border payments, investment transactions, retail payments, and so on."