CEO of Jingdong Coinlink, Liu Peng, shared insights on the future of stablecoins, comparing them to mobile payments and discussing regulation in Hong Kong.
Stablecoins Compared to Mobile Payments
Liu Peng, CEO of Jingdong Coinlink, stated in an interview with Bloomberg Businessweek China that stablecoins should be compared more to mobile payment tools than to cryptocurrencies like Bitcoin or Ethereum. As a former core member of WeChat Pay and a payments lead at Huawei, he sees today’s stablecoins as the Web3 equivalent of mobile wallets.
Stablecoin Regulations in Hong Kong
Hong Kong has moved to regulate stablecoin issuers linked to the Hong Kong dollar. In late May, the city published its Stablecoin Regulations. Earlier, three firms, including Jingdong Coinlink, joined the Hong Kong Monetary Authority’s sandbox to test these tokens under strict oversight.
The Future of Stablecoins and International Trade
Jingdong Coinlink plans to issue stablecoins pegged to the Hong Kong dollar and at least one other fiat currency, targeting international traders. Liu believes that secure, on-chain settlements will reduce transaction times and costs significantly. However, the project's success depends on global regulatory coordination.
Liu Peng believes that stablecoins will first be used in large transactions and international trade before retail users fully embrace them. He emphasizes the importance of establishing a robust regulatory framework in Hong Kong to successfully implement these payment tools.
