JD Technology, the largest Chinese 🇨🇳 retailer, will launch a stablecoin in Hong Kong in the 4th quarter of 2025 — the token will be available on a public blockchain and will appear on regulated exchanges.
Stablecoins pegged to HKD and other currencies are currently being tested in the HKMA sandbox. Key areas include cross-border payments, investments, and retail. A solution based on offshore yuan is also being developed, but it all depends on the positions of Chinese regulators.