E-commerce giant JD.com has announced plans to launch a stablecoin backed by the Hong Kong dollar by the end of 2025. This initiative is part of the company’s broader efforts to incorporate blockchain and cryptocurrency technologies.
New Initiatives by JD.com
JD.com has begun testing its stablecoin under a government-backed program in Hong Kong. According to Liu Peng, e-CEO of JD CoinChain Technology, testing is progressing smoothly, and the company intends to expand its tests to include other fiat-backed stablecoins.
Plans for Stablecoin Licensing
In a statement to Bloomberg Businessweek, Liu Peng noted that JD.com aims to obtain its stablecoin license by the fourth quarter of 2025. The "JD Stablecoin" is expected to debut around the same time and will be issued on a public blockchain for transparency.
Regulatory Changes in Hong Kong
Hong Kong is advancing its legislative framework for stablecoins, with new rules set to take effect on August 1, 2025. This timeline was confirmed by Financial Secretary Paul Chan, highlighting the region's commitment to the implementation of stable cryptocurrencies.
JD.com is actively working on its stablecoin initiative, aiming to significantly reduce transaction costs and times. As Hong Kong lawmakers continue to refine their regulations, the impact of these developments on the stablecoin market will be closely monitored.
