JD, the Chinese e-commerce giant, has issued a stablecoin. What’s the difference from USDT!?
JD's stablecoin, JD-HKD, is the first compliant stablecoin issued by a physical enterprise in China, with a core mechanism of 1:1 Hong Kong dollar cash reserves and fully transparent on-chain audits. It has completed a multi-million transaction pressure test in the Hong Kong Monetary Authority's 'sandbox testing.' The JD case proves that Chinese enterprises must meet three core conditions to issue stablecoins in Hong Kong:
License moat: must hold Hong Kong financial licenses of categories 1/4/9 and enter the Monetary Authority's sandbox test (with a pass rate of only 17%);
Ecological integration capability: must have a large user base (JD has hundreds of millions of users) and physical scenarios (such as cross-border logistics and supply chain finance) to support circulation;
Fiat reserve credit endorsement: 100% of Hong Kong dollar cash reserves must be indirectly guaranteed by mainland foreign exchange reserves (China's $3 trillion foreign exchange reserves serve as the ultimate safety net). The 'Web 3.0 collaborative strategy' between the mainland and Hong Kong.
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