Liu Qiangdong has pulled off a big move this time!
Ten years ago, he watched helplessly as Alipay and WeChat devoured the payment market, leaving nothing behind. His statement back then that 'payment business has no value' is probably making him regret it now. This time, he directly launched JD Stablecoin, invading the trillion-dollar battlefield of cross-border payments, clearly indicating that he wants to fight against his old rivals again!
'Buy globally with JD Coin' is not just a boast!
On June 17, Dong Ge announced at JD's headquarters: he aims to grab stablecoin licenses from mainstream countries around the world, cut cross-border payment costs to just one-tenth, and compress settlement time to within 10 seconds. First targeting corporate clients, and then tackling individual users, there will come a day when Chinese people use JD Stablecoin to swipe their cards abroad!
Don't think this is just a pipe dream; they have already been laying the groundwork—entering the Hong Kong stablecoin sandbox in 2024, and by 2025, self-operated e-commerce in Hong Kong and Macau will support stablecoin payments, with tests for Hong Kong dollar and US dollar stablecoins already underway.
Three things to understand in the crypto space:
First, cross-border payments are the ultimate battlefield for stablecoins! Bank wire transfers are as slow as a snail, Alipay and WeChat can only handle small e-commerce transactions, on-chain settlement with stablecoins is the future. JD is eyeing the tough nut of corporate cross-border remittances, which traditional financial institutions find hard to crack; they want to swallow it whole.
Second, licenses are the lifeline! Dong Ge dares to shout 'global license grabbing' because he understands the regulatory playbook. Hong Kong, Singapore, and the EU have already opened their doors, and the US stablecoin legislation is about to land. Only those players who follow the policies can survive to the end; those rogue projects will eventually fail.
Third, don’t just focus on USDT! The stablecoins from big companies are not meant to be backups. If JD connects e-commerce, payments, and stablecoins, they can create a new ecosystem in no time—using JCoin for purchasing, paying salaries, and settling accounts; this closed loop is far more formidable than just playing with a stablecoin.
Dong Ge recently self-deprecated, saying 'JD hasn’t innovated in the past five years,' but veterans in the crypto space know the truth: real tough people never waste time talking at their lowest point. Missing out on payments back then, now betting on blockchain, this time he doesn’t want to be a bystander anymore.
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