Chinese company JD.com has announced plans for a stablecoin, aligning with its ambitions to expand its international supply chain infrastructure.
JD.com and Its Stablecoin
Founder Liu Qiangdong announced plans to obtain stablecoin licenses in major currency nations, enabling faster and cheaper transactions. He claimed the company's stablecoin could reduce payment costs by 90% and facilitate transfers within 10 seconds, significantly faster than SWIFT, which takes two to four days.
Regulatory Changes in the Stablecoin Sector
JD.com's entry into stablecoins coincides with global regulatory movements, including the recent passage of the GENIUS Act in the US, which sets forth guidelines for stablecoin issuance and use, requiring licensing, audits, and compliance with anti-money laundering standards.
Malaysia and Other International Initiatives
Malaysia has also made strides towards stablecoin implementation with the launch of a Digital Asset Innovation Hub, allowing firms to test new technologies under the supervision of the central bank. This is part of a strategy to improve financial systems and establish the country as a regional fintech leader.
JD.com's stablecoin initiative and regulatory changes present new opportunities for transforming global payment systems and programmable finance.
