JD.com, the Chinese e-commerce giant, has announced its plans for a new blockchain infrastructure aimed at international transactions using stablecoins. The company aims to significantly reduce transaction time and costs.
JD.com's Plan for Payment Transformation
JD.com Chairman Liu Qiangdong outlined the company's plans to rethink international payments. He stated that the new blockchain infrastructure could reduce transaction completion times to under 10 seconds and slash fees by as much as 90%. During the forum, he also emphasized the importance of reducing the number of intermediaries in payment systems.
Pilot Project in Hong Kong
JD.com has initiated a pilot project in Hong Kong to develop regulations for the use of stablecoins. The project is managed by its subsidiary Jingdong Coinlink Technology. Traditionally, cross-border payments between businesses can take two to four days, while JD.com aims to achieve a minimum of 10 seconds for processing transactions. The company plans to leverage its in-house blockchain network, Zhizhen Chain, which already processes around $7 billion annually.
Competition in the Stablecoin Market
JD.com is not the only player in the market. Ant Group is also planning to apply for stablecoin licensing in Hong Kong, confirming the active development of regulations in this area. Hong Kong is positioning itself as a leader in stablecoin innovation and attracting global players. Market analysts estimate the global stablecoin market at around $250 billion this year and project it to grow to nearly $1 trillion by 2030.
JD.com is positioning itself as a significant player in the evolving stablecoin market, aiming to provide innovative solutions for international payments. As interest in stablecoins and regulatory frameworks grow, the company plans to expand its capabilities in digital currencies.
