JD.com Joins Hong Kong Stablecoin Sandbox Program
JD.com CoinChain Technology CEO Liu Peng said in an interview with Bloomberg Businessweek that the e-commerce company has registered for the government’s “sandbox” for stablecoin issuers.
With this, the company becomes one of three companies to join the program; Peng said that JD.com’s testing phase within the sandbox is progressing smoothly.
The e-CEO claimed that the platform may soon launch a stablecoin pegged to the Hong Kong dollar or other traditional currencies.
In the same interview, Peng Zhijian said: “As of early June, we have mainly tested the Hong Kong dollar stablecoin, and will test other fiat stablecoins later. Depending on market demand, we expect both stablecoins to be issued at the same time.”
According to a June 17, 2025 post by Wu Jihan Blockchain X, JD.com Chairman Richard Liu said that the company plans to apply for stablecoin licenses worldwide to reduce cross-border payment costs by about 90% and reduce settlement time to 10 seconds.
The post also stated that after B2B, the company now aims to expand stablecoin payments to consumers around the world; and JD.com is one of China’s largest online shopping platforms.
What is Hong Kong's Stablecoin Sandbox?
In simple terms, the Stablecoin Sandbox is a regulatory initiative launched by the Hong Kong Monetary Authority in March 2024 to facilitate the testing and development of fiat-referenced stablecoins (FRS) in a controlled environment.
Hong Kong is poised to become a global cryptocurrency hub Hong Kong is strategically positioning itself to become a global cryptocurrency hub, leveraging a proactive regulatory framework, strong financial infrastructure, and government-backed initiatives.
The Hong Kong Special Administrative Region has passed a Stablecoin Act on May 21, 2025, establishing a licensing regime for stablecoins pegged to fiat currencies. Since June 2023, the Hong Kong Futures and Trading Commission has begun to regulate virtual assets.
Notably, Hong Kong has approved Asia's first Bitcoin and Ethereum spot ETFs, attracting millions of new investors. In addition to Hong Kong, the UAE has also demonstrated support for digital assets and passed a number of decrees in favor of cryptocurrencies.
