JD.com, China's largest retailer, is ramping up efforts to secure stablecoin licenses in various countries to significantly cut cross-border payment costs and speed up transaction times.
JD.com's Strategy for Stablecoins
Chairman Liu Qiangdong announced the company's intention to obtain stablecoin licenses in various countries, including foreign jurisdictions. The aim is to reduce the cost of cross-border payments by 90% and to accelerate the settlement time to less than 10 seconds. These improvements aim to disrupt the traditional correspondent banking system, which now takes 2-4 days for transactions.
Transition from B2B to Consumer Payments
The initial focus will be on business-to-business transfers. JD will leverage its proprietary blockchain technology, Zhizhen Chain, which already supports approximately $7 billion in annual supply chain financing. After proving reliability and efficiency, JD plans to roll out consumer-facing stablecoin payments through its e-commerce platform, which serves nearly 600 million users.
Competition in the Global Fintech Landscape
JD.com joins a growing list of large firms, like Ant Group, that are also eyeing stablecoin licensing, especially in financial hubs like Hong Kong, Singapore, and Luxembourg. Hong Kong's licensing sandbox, expected to go live with full regulatory approval in August 2025, offers JD a prime launch platform.
Thus, JD.com's steps towards obtaining stablecoin licenses could significantly alter the landscape of international payments and create new opportunities for both businesses and consumers.
