Is JD.com launching stablecoins to 'do payments' or to rebuild global finance?

Fans have asked:

Isn't JD.com an e-commerce company? Now it wants to obtain global stablecoin licenses, build a financial network, and claims to reduce cross-border payments to 10 seconds?

Is this just another 'big vision' tech bubble? How should we view this?

JD.com is not following the 'cross-border e-commerce' model, but is instead pursuing 'global replication'.

Many people don't realize that JD.com's international business strategy is completely different from Alibaba's AliExpress 'cross-border parcel' logic.

JD.com’s approach is:

Build local warehouses, local personnel, and local goods in every country.

Only sell branded products; do not deal in low-priced, generic brands.

From procurement to delivery, all 'local links' are completed.

Does this sound like e-commerce? In fact, it resembles an international distributed infrastructure network.

The emergence of stablecoins perfectly fills the huge gap in 'local settlement' for this network.

Thus, this strategic logic is formed:

How does the U.S. operate? On one hand, it legislates, and on the other, it silences.

In contrast to JD.com's 'bottom-up' approach, the U.S. operates 'top-down'.

The 'GENIUS Act' stablecoin bill has just passed the Senate, but it includes a shocking amendment:

Non-financial companies (like Amazon and Walmart) are not allowed to issue payment-type stablecoins unless they receive unanimous regulatory approval.

The logic behind this is: the 'minting rights' for stablecoins can only belong to compliant licensed institutions; tech companies cannot overstep.

If this is strictly enforced, then U.S. tech giants can only collaborate with stablecoin institutions like Circle and cannot engage in issuance rights themselves.

In other words, the U.S. model separates 'issuance and distribution', while Chinese tech giants' attempts are characterized by 'vertical integration, connecting the entire chain'.

JD.com’s ultimate goal: to build an offshore RMB settlement hub?

If this network matures, it will create a new path for the RMB to 'go global', which is more efficient, controllable, and even decentralized than the traditional internationalization methods driven by loans and investments from financial institutions.

Should the crypto community follow JD.com’s move into stablecoins? Short-term speculation, or long-term opportunity?

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