This move comes as Hong Kong’s new stablecoin laws take effect on August 1, 2025. The timing suggests JD.com wants to be among the first companies to launch regulated digital currencies in the region.
Richard Liu, JD.com’s founder, announced plans to get stablecoin licenses in major countries worldwide. He believes this technology can cut payment costs by 90% and reduce transfer times to under 10 seconds.
“We aim to apply for our stablecoin license in all major sovereign currency countries in the world,” Liu said at a Beijing press conference in June. “Our vision is that one day, people around the world will be able to use JD’s local coins for global payments.”
JD.com’s planned stablecoin will be tied one-to-one with the Hong Kong dollar and run on a public blockchain. The company says it wants to become a leading digital currency for both businesses and regular people.
The e-commerce giant already participates in Hong Kong’s stablecoin testing program, which started in March 2024. This sandbox lets companies experiment with digital currency ideas under regulatory supervision.
Hong Kong’s stablecoin law creates one of the world’s toughest regulatory frameworks for digital currencies. Companies must get licenses from the Hong Kong Monetary Authority (HKMA) before issuing stablecoins tied to real money.
The rules require several key things:
Breaking these rules can lead to fines up to HK$5 million and seven years in prison. The HKMA has warned people to watch out for scams claiming to offer licensed services.
Currently, no companies have received stablecoin licenses. The HKMA says it will be very selective, likely approving only a handful of applications initially.
JD.com faces competition from other major players in Hong Kong’s stablecoin market. The testing program includes Standard Chartered Bank, gaming company Animoca Brands, and Hong Kong Telecommunications working together on their own project.
Another participant, RD InnoTech, is developing a Hong Kong dollar stablecoin called “HKDR.” The company plans to use it for digital asset trading and cross-border business payments.
This competition reflects growing interest in stablecoins across Asia. Traditional banks and tech companies see digital currencies as a way to modernize payments and reduce costs.
JD.com’s stablecoin push fits into China’s broader goal to challenge US dollar dominance in global payments. Chinese economists worry that failing to develop yuan-backed stablecoins could hurt China’s financial influence.
“If China doesn’t develop stablecoins, it will essentially withdraw from the competition for next-generation global currency dominance,” said Shen Jianguang, JD.com’s chief economist.
The yuan’s share of global payments dropped to 2.89% in May 2025, while the dollar holds 48%. Chinese companies like JD.com and Ant Group have reportedly asked China’s central bank to approve yuan-backed stablecoins for Hong Kong.
However, mainland China still bans most cryptocurrency activities. Any yuan stablecoin would likely need to operate from Hong Kong or other offshore locations.
JD.com’s trademark registrations show how seriously major companies take Hong Kong’s new stablecoin rules. The company’s early moves could give it an advantage as the regulated digital currency market develops.
Success will depend on meeting Hong Kong’s strict requirements and proving that stablecoins can solve real business problems beyond just trading. With global payment volumes in the trillions, even small improvements in speed and cost could create significant value.
The August 1 launch of Hong Kong’s stablecoin regime marks a key moment for digital finance in Asia, with JD.com positioned to be a major player in this emerging market.
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