JD.com enters the stablecoin market? What will happen in the future?
1. The essence of JD-HKD: the blockchain upgraded version of Hong Kong dollar Alipay
JD-HKD, which JD launched this time, is simply "Hong Kong dollars on the chain", 1:1 anchored to Hong Kong dollars, with Standard Chartered Bank custodial reserves behind it, and Deloitte audits the chain data every month to ensure transparency and compliance. Unlike USDT, which is a wild way, JD-HKD is backed by the Hong Kong Monetary Authority and has obtained a sandbox license, directly benchmarking (Stablecoin Ordinance)
To put it bluntly, this is the ceiling of compliant stablecoins. USDT's "black box operation" is nothing compared to it.
Data speaks for itself: The cost of cross-border payments has dropped from the traditional 6% to 0.1%, and the settlement time has been reduced from 3 days to 3 seconds. A toy factory in Dongguan used JD-HKD for financing, with the interest rate cut from 18% to 7%, and the time it takes for funds to arrive in the account reduced from 90 days to 3 minutes - this efficiency would make traditional finance shudder.
2. Why is JD-HKD a compliance nightmare for USDT?
Crushing origins: USDT is a private company, and even the reserve fund is unclear. The EU exchange has removed it from the shelves; JD-HKD is backed by JD.com + Hong Kong government + the four major audits, and compliance is fully enforced
Scenario bundling: USDT can only be used for currency speculation, while JD-HKD is directly embedded in JD’s global e-commerce and supply chain, covering 3C, logistics, and cross-border trade. Users use it to buy things, suppliers settle payments in seconds, and small and medium-sized enterprises obtain financing on the chain - this is the correct way to open stablecoins
Policy dividends: Hong Kong (Stablecoin Ordinance) has just come into effect, JD-HKD has fully enjoyed the regulatory dividends, and in the future it can also be linked to the digital RMB to achieve "one currency across two places" (the Greater Bay Area pilot has been successful)
Conflict point: USDT is now worth hundreds of billions, but JD.com has 800 million users and 1.5 million overseas merchants. Once JD-HKD is launched, USDT's "payment share" will be wiped out.
How do ordinary people play? A guide to zero-cost, arbitrage, and avoiding pitfalls
Xiaobai zero-risk posture:
Open a Hong Kong bank account and exchange JD-HKD at a 1:1 ratio through the JD Finance APP to save 5% on cross-border shopping fees.
Wait for official airdrops, such as payment rebates, NFT coupons (refer to JD.com’s past marketing tactics)
Low-risk strategies for advanced players:
Market maker arbitrage: Utilize the exchange rate difference between JD-HKD and USDT to carry out cross-exchange arbitrage (Huobi and OKX will definitely be launched as soon as possible)
Supply chain wool harvesting: If you are a foreign trade merchant, use JD-HKD to settle payments, and reduce capital turnover from 30 days to 2 days, saving millions of exchange losses annually
High Risk Warning:
Don’t trust “JD-HKD high-yield financial management”, the black market imitations have defrauded tens of millions;
Don't buy coins at a premium outside the market, be careful of card freezing;
Don’t go all in. Even if the SGD is stable, there are still policy risks (especially the unclear regulation in the Mainland).
Nuclear-level impact: exchanges, DeFi, and traditional finance are all involved
Exchange landscape: Huobi and OKX will lose users if they don’t list JD-HKD. After all, JD.com’s 800 million users are no joke.
New DeFi gameplay: JD.com has announced that it will develop RWA (physical assets on the chain), tokenize warehouses and new energy equipment, and trade with JD-HKD - the market size is expected to be 36 trillion Hong Kong dollars in 2027
Traditional finance fights back: Visa and SWIFT will certainly not sit still, but JD.com’s on-chain TPS is over 100,000, and the handling fee is one hundred thousandth. How can they beat SWIFT’s slow 3-7 days?
JD.com's operation is to issue currency on the surface, but in reality it is to rebuild cross-border payment rules. In the short term, zero-cost users can get payment discounts; in the long term, JD-HKD may become a key springboard for the digital RMB to go global.
Final reminder: According to the latest news on June 17, JD.com's stablecoin has entered the second phase of sandbox testing, and the cross-border payment scenario has been run smoothly,and it is only one step away from the official launch. If you haven't yet deployed a Hong Kong account, now is the last window period - compliance dividends don't wait for anyone, and if you wait for giants to enter the market, you won't be able to enjoy the benefits.
The current market is turbulent, and it is lonely to walk alone. Click on the avatar to follow me, daily spot potential layout and bull market strategy layout