Liu Peng, the e-CEO of JD CoinChain Technology, spoke with Bloomberg Businessweek that e-commerce has registered itself for the government’s stablecoin issuers ‘Sandbox’.
With this, the company became one of the three companies to join the initiative; Peng said JD(dot) com’s testing phase is going well within the Sandbox.
The e-CEO asserts that the platform may soon launch a stablecoin pegged by the Hong Kong dollar or other traditional currencies.
In the same interview, Peng said, “ As of early June, we have mainly tested the Hong Kong dollar stablecoin, and will test other fiat stablecoins later. Based on market demand, we expect the two stablecoins to be issued at the same time.”
According to an X post by Wu Blockchain dated June 17, 2025, notes that Richard Liu, the Chairman of JD(dot)com, said the company plans to apply for a stablecoins license globally to reduce cross-border payments cost by around 90% and slash settlement time to 10 seconds.
The post also reads that after B2B the company is now in the aim to expand stablecoins payments to consumers globally; yet JD(dot)com is one of the largest online shopping platforms in China.
What is the Stablecoins Sandbox in Hong Kong?
In simple words, Stablecoins Sandbox is a regulatory initiative launched by the Monetary Authority of Hong Kong in March 2024 to facilitate the testing and development of fiat-referenced stablecoin (FRS) in a controlled environment.
Stablecoins Sandbox is designed to push the responsible and sustainable growth of the stablecoin ecosystem, at the same time ensuring compliance with proposed regulatory standards.
Over the past few years, Hong Kong has worked with greater intensity to regulate its crypto market and make it a world-class market.
HK on the boundary to become a crypto hub worldwide
Hong Kong is strategically positioning itself to become a global crypto hub, leveraging a proactive regulatory framework, robust financial infrastructure, and government-backed initiatives.
The region has passed a stablecoin bill on May 21, 2025, which establishes a licensing regime for fiat-pegged stablecoins. Since June 2023, the Futures and Trading Commission of Hong Kong has regulated virtual assets.
It is worth noting that Hong Kong has approved Asia’s first Bitcoin and Ethereum spot ETF, attracting millions of new investors. Along with HK, the United Arab Emirates has also shown its pro stance for digital assets and has passed several orders benefiting crypto.
Crypto market price updates
As of writing, the cryptocurrency market cap was $3.26 trillion with a loss of 1.59%, and trading volume is $120.59 billion; on the other hand crypto fear and greed index was at 48, indicating neutrality.
Bitcoin lost 1.59%, reaching $104,974, and market capitalization is $2.08 trillion with a decline of 1.50%, trading volume is $51.86 billion.
According to the data from CoinMarketCap, the intraday losers list has been topped by Story, followed by Virtual Protocols, Sky, Fartcoin, Sui, and Immutable.
