China's e-commerce giant JD.com is actively laying out a stablecoin payment landscape. Founder Liu Qiangdong revealed at a sharing session on Tuesday that JD hopes to 'apply for stablecoin licenses in all major sovereign currency countries globally' to facilitate currency exchange between global enterprises, aiming to 'reduce global cross-border payment costs by 90% and increase efficiency to within 10 seconds.'
Liu Qiangdong stated that the average time required for SWIFT remittances between enterprises is 2 to 4 days, and the costs are relatively high. However, JD can reduce payment costs by 90%, and the funds will arrive within 10 seconds. After completing B-end payments, it can then penetrate into C-end payments. He said:
I hope that one day everyone will use JD stablecoin for payments when consuming around the world.
JD's statement comes at a time when regulatory agencies in various countries are accelerating the clarification of stablecoin regulations. For example, in the U.S., in recent months, Washington's supervisory direction regarding dollar-pegged stablecoins (such as USDC and USDT) has become clearer, impacting the technical strategies and market landscapes of global financial and technology companies.
Since announcing the implementation of stablecoin regulation at the end of last year, Hong Kong officially published the (Stablecoin Ordinance) in May this year, scheduled to take effect on August 1, symbolizing that Hong Kong, one of the global financial centers, is ready to establish clear rules for stablecoin issuers.
JD Technology Group's subsidiary 'JD Coin Chain Technology' is one of the first three institutions selected for Hong Kong's 'Stablecoin Issuer Sandbox', approved to test the issuance process and business model of stablecoins within a controlled scope. It has completed the first phase of testing and entered the second phase in early June.
Recently interviewed, Liu Peng, CEO of JD Coin Chain Technology, revealed that the company's scenario testing in the 'sandbox' is progressing smoothly. The plan is to launch stablecoins pegged to the Hong Kong dollar and other currencies, with hopes of obtaining a license in the early fourth quarter of this year while simultaneously launching JD stablecoin.
He further mentioned that as of early June, JD Coin Chain mainly conducted tests on the Hong Kong dollar stablecoin, and will later conduct tests on other fiat currency stablecoins.
Based on market demand, we expect both types of stablecoins to be issued simultaneously. Unlike the first phase, which mainly tested product functions and technical details, the second phase focuses on testing the use of stablecoins in three practical scenarios: cross-border payments, investment transactions, and retail payments.
In terms of cross-border payments, JD Coin Chain will expand its user base through direct customer acquisition and non-direct customer acquisition (e.g., partnering with compliant wholesalers); the investment transaction scenario is currently negotiating partnerships with global compliant exchanges to promote the circulation of JD stablecoin; the first wave of retail applications will land on 'JD Global Sale Hong Kong and Macau Station', where users can directly use stablecoins for checkout.
This article is authorized for reprint from: (Block Girl)
Original title: (JD is racing to apply for 'stablecoin licenses' globally! Aiming for cross-border payments to arrive in 10 seconds and reduce costs by 90%)
Original author: Block Girl MEL
The article 'JD's layout of stablecoins! Applying for licenses globally, aiming for cross-border payments to arrive within 10 seconds' was first published in 'Crypto City'
