Chinese e-commerce giant JD.com and Ant Group, the parent company of Alipay, have announced their entry into the stablecoin market. What are their intentions? This article is sourced from a piece written by Techub News, organized, translated, and penned by PANews. (Background: Post-stablecoin era: USDT to the left, USDC to the right) (Background information: Walmart and Amazon explore 'issuing stablecoins' to challenge crypto payments, saving on hefty fees from VISA and Mastercard) JD.com and Ant Group are competing to apply for stablecoin licenses, primarily to seize the new digital financial track, combining Hong Kong's relaxed regulatory policies with the rapid growth of the global stablecoin market. The stablecoin regulatory framework launched in Hong Kong in 2023 and the (stablecoin ordinance) set to be implemented in August 2025 provide enterprises with compliant pathways, attracting JD.com to enter the regulatory sandbox through Coinlink Technology to test cross-border payment scenarios, while Ant Group plans to apply for licenses in Hong Kong, Singapore, and other locations to establish a global payment network. In the current global economic environment, the stablecoin market's market capitalization is expected to exceed $250 billion by 2025, with projections reaching trillions by 2030, particularly with surging demand in cross-border payments and asset tokenization. JD.com aims to leverage its e-commerce and supply chain advantages to reduce cross-border transaction costs, while Ant Group seeks to optimize global payment efficiency using Alipay's user base of 1 billion. Both are leveraging blockchain technology to accumulate, seizing policy dividends and the trend of economic digitization, striving to gain a first-mover advantage in the digital financial sector. In recent years, stablecoins have become a hot topic in blockchain technology and digital finance, quickly becoming a strategic focus for global fintech companies. In June 2025, these two Chinese technology giants, JD.com and Ant Group, announced plans to apply for stablecoin licenses, drawing widespread attention from the market. JD.com's Coinlink Technology has entered the Hong Kong stablecoin regulatory sandbox, while Ant Group plans to apply for licenses in Hong Kong, Singapore, and Luxembourg. This trend reflects the ambitions of Chinese companies in the digital asset field and signals the potential for stablecoins in global payment and investment scenarios. This article will explore the reasons behind JD.com and Ant Group's applications for stablecoin licenses and their significance for the industry. The Stablecoin Boom and Market Opportunities Stablecoins are cryptocurrencies pegged to the value of fiat currencies or other assets, favored by businesses and institutions for their low volatility and efficient cross-border payment capabilities. According to reports, the total market capitalization of the global stablecoin market surpassed $250 billion in 2025, with projections of reaching between $1.6 trillion to $3.7 trillion by 2030. As a financial hub in Asia, Hong Kong launched a stablecoin regulatory framework in 2023, set to officially implement the (stablecoin ordinance) in August 2025, providing enterprises with a clear compliance pathway. JD.com and Ant Group are seizing this opportunity, attempting to dominate the new digital financial track through stablecoin licenses. Stablecoins can not only optimize cross-border payment efficiency but also provide enterprises with new revenue streams, such as interest income on reserve assets. JD.com: Taking the Lead in Cross-Border Payments JD.com, through its subsidiary Coinlink Technology, has taken the lead in entering the Hong Kong stablecoin regulatory sandbox, testing scenarios such as cross-border payments and investment transactions. JD.com's strategy is closely tied to its e-commerce ecosystem. As China's second-largest e-commerce platform, JD.com has a massive supply chain and cross-border e-commerce business, and stablecoins can significantly reduce the costs and time of cross-border transactions. For example, stablecoins can enable instant settlements, addressing the delays in cross-border payments within traditional banking systems. Additionally, JD.com has a strong foundation in blockchain technology. Its self-developed blockchain platform, 'Zhizhen Chain', has been applied in supply chain finance and logistics tracking, and applying for a stablecoin license is a natural extension of its technology. JD.com's layout may also be linked to its internationalization strategy, enhancing competitiveness in markets like Southeast Asia through stablecoins. Ant Group: A Global Vision, a New Chessboard for Payment Giants As the parent company of Alipay, Ant Group has the world's largest mobile payment platform, covering over 1 billion users. Its international business subsidiary, Ant International, and blockchain business subsidiary, Ant Digital Technologies, plan to apply for stablecoin licenses in Hong Kong, Singapore, and Luxembourg. Ant's layout is closely intertwined with its global payment strategy. Alipay's leading position in cross-border payments necessitates more efficient tools, and stablecoins are seen as the ideal solution to address the pain points of cross-chain and cross-currency payments. Ant Group is also continuously pushing forward in blockchain technology. Its AntChain-2 layer network can serve as a settlement layer for stablecoin transactions, further enhancing efficiency. Moreover, Ant's collaboration with Deutsche Bank indicates its exploration in reserve management and blockchain platforms (such as Ant Whale), laying the groundwork for issuing stablecoins. Joint Drivers: Regulatory and Market Benefits Both JD.com and Ant Group's competition for stablecoin licenses is driven by regulatory environments and market demand. Hong Kong's (stablecoin ordinance) provides enterprises with a clear compliance framework, reducing risks in entering the digital asset market. At the same time, global demand for stablecoins is surging, particularly in institutional adoption and cross-border payment scenarios. For instance, USDC issued by Circle processed $850 billion in on-chain transactions in 2024, demonstrating the enormous potential of stablecoins. Furthermore, Chinese companies' cautious attitude towards digital assets is changing. Despite restrictive policies on cryptocurrencies in mainland China, Hong Kong's unique status as an international financial center offers enterprises a testing ground. The actions of JD.com and Ant Group indicate their desire to occupy a place in the global digital financial market through compliant pathways. Industry Impact and Future Prospects JD.com and Ant Group's stablecoin initiatives will have profound impacts on the digital financial ecosystem. Firstly, this will drive the acceptance of stablecoins in mainstream finance, accelerating their transition from crypto trading tools to everyday payment means. Secondly, the entry of these two giants may lead to more tech companies following suit, creating a new competitive landscape for the industry. For example, WeChat Pay may face greater pressure, prompting it to explore similar pathways. In the future, as regulatory frameworks in places like Hong Kong and Singapore improve, the stablecoin market will welcome more innovative applications, such as supply chain finance, asset tokenization, and cross-border investment. With their technological foundations and user bases, JD.com and Ant Group are likely to become frontrunners in this field. However, challenges remain, including compliance costs, technological integration, and uncertainties in global regulatory coordination. Conclusion The strategic layout of JD.com and Ant Group in applying for stablecoin licenses is a significant step for Chinese technology giants in the digital finance sector. Leveraging the regulatory advantages of places like Hong Kong and the growth potential of the global stablecoin market, the two companies are accelerating the construction of a blockchain-centric financial ecosystem. Whether through JD.com's cross-border e-commerce empowerment or Ant Group's global payment ambitions, stablecoins will become a key lever for their future endeavors. This race in digital finance has just begun and deserves continuous attention.

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