🚀【JD.com All in Stablecoins: A Shortcut in the Payment Field or Another Strategic Misjudgment?】
Liu Qiangdong finally takes action! After missing out on domestic payment benefits, JD.com bets on stablecoins to rewrite the rules of cross-border payments. Can this gamble succeed?
1/ After missing the payment benefits, JD.com is now betting on stablecoin cross-border settlement, targeting the pain points of traditional payments which take 2-4 days to settle and are high-cost.
2/ The strategic path is clear: first B-end then C-end, with Hong Kong sandbox leading the way, and HKD/USD stablecoins taking the lead.
3/ Deeply coordinated with JD's internationalization strategy, building a new paradigm of "local e-commerce + stablecoin settlement."
💡 My judgment:
✅ Clear advantages:
Cross-border payments are indeed a blue ocean.
Compliance layout is ahead of BAT.
Fits the supply chain DNA.
⚠ Risk Warning:
Global regulatory standards vary, and the difficulty of obtaining licenses exceeds expectations.
Existing stablecoins like USDT have already gained market advantage.
The investment in blockchain infrastructure is substantial, and short-term returns are hard to see.
🔥 Personal Opinion:
This time, Dong Ge might have made the right bet! Compared to the takeaway business, stablecoins align better with JD's supply chain DNA. If it can connect the "cross-border payment + global e-commerce" loop, it may become JD's trump card for internationalization. However, to replicate Alipay's success, two problems must be solved:
1) How to get overseas merchants to accept JD stablecoins?
2) How to break the monopoly of USD stablecoins?