Stablecoin made in China. The news has just broken: Chinese e-commerce giant JD.com has announced its intention to launch its own stablecoin. This decision is part of a broader strategy aimed at reducing the costs and delays of cross-border payments. Richard Liu, founder and chairman of JD.com, stated that the company plans to apply for stablecoin licenses in several countries to facilitate these transactions. We're heading to China for an update on this announcement.
JD.com has announced the launch of its own stablecoin to revolutionize cross-border payments.
The move aims to reverse years of stagnation and revive JD.com's growth.
JD.com wants to launch its own stablecoin
At a press conference in Beijing, Liu clarified that JD.com plans to launch stablecoin services globally, starting with business-to-business (B2B) payments before expanding to consumer use. He said:
“We aim to apply for our stablecoin license in all major sovereign currency countries around the world. Our vision is that one day, people around the world will be able to use JD’s local coins for global payments.”
Liu also highlighted that stablecoins could reduce settlement times to less than 10 seconds and cut payment costs by up to 90%.
The Chinese giant wants to relaunch its growth
The move is part of JD.com's efforts to reverse years of stagnation. Once a dominant force in Chinese e-commerce, JD has endured what Liu called "five lost years," characterized by a lack of innovation and slow growth. The stablecoin project joins a raft of other new ventures, including those in food delivery and tourism.
JD's push into cryptocurrencies comes as the technology continues to gain traction globally. On Tuesday, the US Senate passed the GENIUS Act, a bill establishing a regulatory framework for the issuance and trading of stablecoins. The bill has attracted interest from major banks, retailers, and technology companies.
JD did not specify a launch timeline or which jurisdictions would be prioritized for licensing. The company described the initiative as an "overseas project," implying that it would not be rolled out in China itself. To be continued.
