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Recently, a piece of news sparked heated discussions in the crypto and financial circles: JD Technology, a subsidiary of JD, launched a blockchain-based digital RMB payment and stablecoin system in Beijing, planning to promote deep integration with scenarios such as cross-border settlements and supply chain finance. This not only marks the formal entry of Chinese tech giants into the stablecoin track but also raises a key question again:

Will stablecoins + payment systems be the 'new ATM' for enterprises? Can ordinary enterprises easily enter?

I. Is the stablecoin entering a golden age?

By 2025, the total market value of global stablecoins is expected to exceed 200 billion US dollars, potentially reaching 3 trillion to 5 trillion dollars in the next five years. Behind this trend is the urgent need for global financial efficiency transformation.

The current market structure of stablecoins is roughly as follows:

  • Tether (USDT): Market value exceeds 100 billion, occupying 68% market share, focusing on exchanges and cross-border payments as core scenarios;

  • Circle (USDC): 35 billion US dollars, focusing on compliance and corporate-level payment cooperation;

  • Traditional payment giants like PayPal (PYUSD), Stripe, and Visa are all laying out their plans;

  • DeFi projects like Ethena (USDe) bring new gameplay of 'interest-based stablecoins.'

The essence of stablecoins is 'digital bank settlement assets,' which have natural advantages such as cross-border instant settlement, extremely low costs, and no intermediaries in blockchain ledgers. Once paired with payment systems, they can directly disrupt existing financial infrastructure.

II. Why are enterprises focusing on 'stablecoins + payments'?

  1. The profit margin is huge
    Taking Tether as an example, solely relying on investing reserves in US Treasuries, it achieved over13 billion US dollarsin net profit in 2024—this is pure financial interest spread and liquidity income, not speculation.

    • The greater the capital accumulation brought by high-frequency payments, the higher the interest income;

    • Enterprises can also expand businesses like transfer fees, platform fees, exchange spreads, and stablecoin loans.

  2. Payment closed loop and ecological control rights
    The essence of payment is controlling user flow and capital flow,Stablecoins are like embedding 'Alipay' into the blockchain.Once the issuance is successful, enterprises can not only control payments but also expand into ecological services such as credit assessment, wealth management, and installment options, establishing a 'super App on the chain.'

  3. The fiat currency 'substitution layer' for cross-border finance
    In global settlements, B2B cross-border trade, and Web3 payments, stablecoins gradually replace traditional intermediaries like SWIFT, becoming the 'settlement layer of the digital age.'

III. So the question arises: Can anyone issue stablecoins?

The answer is: Not easy.

The following are the entry thresholds:

Project

Requirements

Technical barriers such as blockchain infrastructure, smart contract security, and cross-chain settlement capabilities require strong support. Compliance thresholds require financial licenses or regulatory filings (especially in markets like the US, Hong Kong, and Singapore). To issue a 1 US dollar stablecoin, an equivalent high-liquidity asset (like US Treasuries) must be prepared, and the capital requirements are extremely high. Trust system: Why would users want to use your coin? How is the value of your coin anchored? There must be credit endorsement. Clearing and settlement network: Without merchant access, payment channels, or exchange connections, stablecoins are just 'dead coins.'

So, although 'everyone can issue coins,' being able to make the coins 'usable' is the real moat.

IV. What signals has JD's actions released?

JD Technology chooses to enter the stablecoin system from industrial payment scenarios rather than 'pure financial speculation,' indicating that it targets real circulation scenarios such as industrial settlement, cross-border payments, and retail supply chain finance.

If in the future it can integrate with JD's e-commerce ecosystem, logistics system, and corporate procurement payment system, stablecoins will not only be digital currency but also a settlement tool for the industrial internet.

This means that Chinese enterprises are beginning to seriously consider using stablecoins to replace the cumbersome system of 'corporate online banking + manual reconciliation + exchange rate fluctuations' to truly achieve on-chain clearing and settlement.

V. Will there still be dividend opportunities in the future?

Yes, but the key is direction:

  1. Industry stablecoins: Digital settlement tools aimed at vertical industries (such as carbon neutrality credits, game points, industrial product procurement, etc.)

  2. Regional stablecoins: Stablecoins pegged to local currencies in Southeast Asia, the Middle East, and Africa, addressing local payment gaps.

  3. Compliance + DeFi bridge coin: Soon to be compatible with regulatory licenses and DeFi ecosystem, becoming a 'regulatory-friendly on-chain dollar.'

✅ Summary

Stablecoins + payment systems are one of the financial infrastructures with the greatest expansion potential in the next ten years. However, the threshold lies not in technology but in trust, assets, compliance, and ecological integration capabilities.

For enterprises, this is a 'high profit but high threshold' track. It is not about 'who issues coins makes money,' but rather 'who controls the flow of funds, settlement rights, and usage scenarios will be the winner.'