On both sides of the Pacific, a narrative about the future of stablecoins is unfolding in strikingly different forms. (Background: Chinese state media downplay the instability of US stablecoins: Circle's IPO bubble, US debt defaults may lead to decoupling) (Additional context: JD.com joins the global stablecoin race: from sandbox to license competition) On both sides of the Pacific, a song of ice and fire is taking place, as a narrative about the future of stablecoins unfolds in strikingly different forms. On the other side is the cautious layout of industry giants. Recently, the hype around stablecoins in mainland China has also continued to rise. The Governor of the People's Bank of China, Pan Gongsheng, attended the 2025 Lujiazui Forum and mentioned stablecoins for the first time, stating that emerging technologies such as blockchain and distributed ledgers are driving the robust development of central bank digital currencies and stablecoins, achieving payment and settlement, fundamentally reshaping the traditional payment system, significantly shortening cross-border payment chains, while also posing enormous challenges to financial regulation. In Hong Kong, the (Stablecoin Bill) is confirmed to officially take effect on August 1. On the eve of licensing in Hong Kong, many banks, tech giants, and fintech companies are also accelerating their entry into the crypto market, frequently announcing plans to apply for stablecoin licenses: On June 12, two companies under Ant Group, Ant International and Ant Digital Technology, announced the initiation of their stablecoin license applications. Subsequently, relevant individuals indicated that Lianlian Digital is also actively exploring the possibility of applying for relevant licenses in the aforementioned regions. Currently, Lianlian Digital has established a dedicated team responsible for advancing stablecoin-related projects and conducting use case studies. On June 16, Yuta Logistics Technology announced that it is actively researching related regulatory details and plans to apply for a stablecoin issuance license after the Hong Kong stablecoin regulations take effect. The company plans to launch its own stablecoin “RHKD” and also plans to issue a digital token “RBTC,” which is pegged to Bitcoin as the underlying asset. Customers can exchange “RBTC” using Hong Kong dollars or US dollars. The company expects this token to be supported by 100% Bitcoin reserves (achieving a 1:1 Bitcoin exchange rate). On June 17, JD.com’s Chairman Liu Qiangdong stated that JD.com hopes to apply for stablecoin licenses in all major currency countries worldwide, and then achieve currency exchange between global enterprises through stablecoin licenses, reducing global cross-border payment costs by 90%, with efficiency improved to within 10 seconds. At the same time, JD.com expects to obtain the license in early Q4 of this year and launch the JD Stablecoin simultaneously. On June 18, the A-share listed company Yiwu Commodity City stated, “The company operates the world's largest small commodity trading market, naturally possessing massive and high-frequency cross-border trade settlement scenarios. Innovative payment tools like stablecoins have the potential to provide global customers, especially small and medium enterprises, with more efficient and low-cost cross-border payment solutions, aligning with our purpose of serving physical trade. We welcome and support Hong Kong's positive progress in the stablecoin regulatory framework, and the company’s cross-border payment platform ‘Yi Pay’ will continue to monitor relevant regulatory developments and will actively evaluate and submit relevant applications as soon as regulations are clarified and pathways are clear.” According to a report by Delphi Digital, the supply of stablecoins in the market has first exceeded $250 billion. Among them, yield-bearing stablecoins have grown rapidly, with Ethena reaching nearly $6 billion since its launch; Tether and Circle still dominate the market, accounting for a total of 86% of the circulating supply; the diversity of issuers has increased, with over 10 stablecoins having a circulating volume exceeding $100 million; over $120 billion in US Treasury bonds are locked in stablecoins, forming a liquidity pool outside the traditional market. These cases not only reflect the differences in strategic choices between the two regions but also deeply reveal two parallel development models in the global stablecoin race. A core question thus emerges: will a macro narrative driven by legislation or an industry-driven scenario penetration ultimately dominate this structural transformation concerning the future of digital financial infrastructure? Two paths: top-down mainstream compliance and bottom-up industry penetration The different development paths of stablecoins in the US and Hong Kong are rooted in their distinct market environments and the strategic starting points of the participants. Taking Circle and JD Coin Chain as examples, the former represents a top-down, enduring battle for mainstream compliance, while the latter represents a bottom-up, industry-driven breakthrough route. The path represented by the former, that of the US, is a mainstream conspiracy aimed at obtaining on-chain discourse power. Circle, as a “Crypto Native,” has always had a clear long-term strategic goal, which is to shake off the marginal label of the crypto world and enter the core of the traditional financial system. However, this process has not been smooth. Circle once focused on listing in the traditional financial market but was thwarted in 2022 due to significant uncertainty in the market environment and regulations, leading to the failure of its SPAC merger plan. This significant setback precisely confirms that in the US, without a clear policy framework, stablecoins are difficult to gain mainstream acceptance. The fundamental turning point lies in the clarification of the macro policy environment in the US, especially under the promotion of crypto-friendly policy directions and regulatory progress like the (GENIUS Act), which provided Circle with the right timing and location, paving the way for its eventual landing in the capital market. In stark contrast is the Hong Kong path represented by the latter, which is based on a new type of breakthrough at the B-end. JD Coin Chain Technology (Hong Kong) was registered in Hong Kong in March 2024. In July, the Hong Kong Monetary Authority announced the list of participants for stablecoin issuers' “sandbox,” which includes JD Coin Chain. According to information on its official website, JD.com will issue a cryptocurrency stablecoin pegged 1:1 to the Hong Kong dollar. The JD Stablecoin is a stablecoin based on a public chain and pegged 1:1 to the Hong Kong dollar (HKD), which will be issued on a public blockchain, with reserves consisting of highly liquid and credible assets, securely stored in independent accounts at licensed financial institutions, and subject to rigorous verification of reserve integrity through regular disclosures and audit reports. JD.com is not a newcomer to the payment field, but in the previous round of mobile payment battles surrounding the C-end, it failed to establish an independent payment ecosystem comparable to Alibaba and Tencent. Therefore, JD's entry into stablecoins is not a chase of an old battlefield, but a natural extension based on JD Group's advantages in technology and supply chain. It chooses to avoid the already red ocean of C-end retail payments and directly cut into the area of B-end cross-border trade and supply chain finance where it has structural advantages. The logical starting point of this path is not to seek comprehensive liberalization of top-level legislation but to utilize the custom space provided by Hong Kong as an international financial center and regulatory sandbox to solve specific business problems. Two approaches: new battlefield at B-end VS on-chain currency track Different starting points lead to two entirely different market approaches. In a recent interview, Liu Peng, CEO of JD Coin Chain Technology, stated that as of early June 2025, the company has primarily conducted tests for the Hong Kong dollar stablecoin and will later test other fiat stablecoins. Based on market demand, it is expected that both stablecoins will be issued simultaneously. Unlike the first phase, which mainly tested product functionality 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 the cross-border payment scenario, JD Coin Chain plans to expand users through both direct customer acquisition and non-direct customer acquisition (e.g., in cooperation with compliant wholesalers). In the investment transaction scenario, it is currently negotiating cooperation with global compliant exchanges, aiming to launch JD Stablecoin in different regions. The retail aspect will first land in JD Global Sale Hong Kong...

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