Recently, JD.com made a high-profile launch of its stablecoin JDG in Hong Kong, while also making a grand entry into the fiercely competitive food delivery market. If viewed merely as ordinary business expansion, it is somewhat superficial. A closer look at its strategy reveals a situation of a 'cornered beast still fighting', as well as a 'battle with no way to retreat'.
First, let's talk about issuing a stablecoin. On the surface, JD.com is waving the banner of 'technological innovation and convenience for cross-border payments', but there are actually three deeper meanings:
Firstly, it opens up the bloodline of overseas capital. In recent years, domestic internet giants have faced tightened financing channels. As an international financial center, Hong Kong is a natural springboard for JD.com to rescue itself. Issuing a stablecoin is akin to laying down an underground pipeline to bypass the shackles of traditional capital flows.
Secondly, it bets on a new order of future trade. The global trend of de-dollarization is gradually rising, and stablecoins, as a new species of digital finance, may become the 'dark currency' for cross-border trade. JD's move is both 'preparing for a rainy day' and betting on 'the early dividends under new rules'.
Thirdly, it's a new front for data hegemony. Whoever controls the medium of transaction seizes a larger range of data sovereignty. JD's comprehensive control from product flow, payment flow, to capital flow aims to secure a place in the future battlefield of digital intelligence.
As for the large-scale entry into food delivery, it seems surprising: with Meituan already a dominant force and Ele.me barely surviving in the cracks, why would a giant e-commerce player lower itself to gnaw on a profit-slim, fiercely competitive bone? But from another perspective, this is actually a 'forced breakout'.
Under the Matthew Effect, e-commerce traffic growth has already peaked, with new battlegrounds like live-streaming e-commerce, community group buying, and instant retail emerging. Meituan has established an irreplaceable infrastructure for instant delivery in the food delivery sector. If JD.com does not intervene, the future integration of 'instant retail + food delivery + home delivery' will be handed over to others. It can be said that JD's move aligns with what is said in 'The Art of War': 'If you can gain advantage, engage; if not, defend.' Seeing that defense cannot be maintained, the only option is to attack for defense.
At the same time, while the food delivery industry seems 'dirty, tiring, and bitter', it actually hides the last high-frequency user scenario gold mine. Owning users means owning the future; even if profitability is a distant dream, JD.com has no choice but to 'burn money to save itself', just as Li Bai said: 'The great roc rises with the wind and soars up to ninety thousand miles.' Without risking it all, how can one soar?
In summary, JD's issuance of currency and food delivery appears to be two separate battle lines, but they actually belong to a larger strategy: one side opens up the flow of international capital, while the other solidifies the domestic user base; one side plans for the future currency landscape, while the other competes for the entrance of instant retail. As the saying goes, 'internally strengthen the foundation, externally strive for territory', it can be described as ambitious yet also caught in a dilemma.
However, beneath the rapid advance, there are hidden concerns. Whether it is the regulatory risks of stablecoins or the fierce battle of food delivery subsidies, neither is an easy task. If one acts too hastily, it may be trapped by external threats or disturbed by internal conflicts, ultimately resulting in 'when the clam and the snipe fight, the fisherman benefits', which remains uncertain.
To summarize this situation in the words of Zhuangzi: 'There is no greater sorrow than a dead heart, and the death of a person comes next.' JD's move still shows a fighting spirit; it has not yet reached a state of despair. However, the trends of the world succeed through recognizing the times and fail through reckless actions. Success or failure remains uncertain, awaiting the judgment of time.
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