Today, as the global regulatory framework becomes clearer and market practices accelerate, stablecoins are transitioning from concept to large-scale application. Particularly, the progress of the U.S. "GENIUS Act" and Hong Kong's "Digital Stablecoin Regulatory Bill" in May 2025, Circle's successful listing, and the former Deputy Governor of the Bank of China, Wang Yongli's emphasis on stablecoins all herald the arrival of a stablecoin era.
In this global wave of digital currency, JD Group's JD Coin Chain Technology (Hong Kong) Limited is actively promoting the pilot issuance of a Hong Kong dollar stablecoin. This is not only a strategic layout for JD itself but also a proactive exploration by China in the field of digital currency. Although as of September 4, 2025, JD's stablecoin has not yet been officially issued, the "hot cake" effect of the Hong Kong license and the numerous institutions lining up to apply indicate its enormous market potential. This article will delve into the background, progress, and technical implementation of JD's issuance of digital stablecoins in Hong Kong, assess its impact on JD itself, Hong Kong, and mainland China, and explore the profit model, policy environment, and global trends of digital stablecoins.
I. JD Hong Kong Dollar Stablecoin: Progress and Pioneer of the Regulatory Sandbox
JD Coin Chain Technology (Hong Kong) Limited is actively advancing the pilot issuance of a Hong Kong dollar stablecoin, aiming to enhance cross-border payment capabilities and serve the real economy. As early as December 2023, the Hong Kong SAR government announced plans to legislate a licensing system for stablecoin issuers to align with financial innovation trends. Under the guidance of the group's overseas business strategy, the JD Coin Chain Technology team conducted in-depth research in the Web3 field and discovered that issuing payment-type stablecoins through blockchain could solve its own cross-border settlement challenges and serve other enterprises, bringing significant economic and social benefits.
Therefore, JD promptly initiated the license application in Hong Kong, and after about a year of effort, successfully became one of the first participants in the "Stablecoin Issuer Sandbox" announced by the Hong Kong Monetary Authority (HKMA) in July 2024. This group of participants includes JD Coin Chain Technology, RD Technologies, and a consortium formed by Standard Chartered Bank (Hong Kong), Animoca Brands, and Hong Kong Telecommunications. Starting in the second half of 2024, JD's stablecoin entered the HKMA sandbox testing phase, with the second phase currently focusing on PC and mobile applications for retail and institutional users, concentrating on scenarios such as cross-border payments, investment transactions, and daily retail consumption.
The JD stablecoin project has received recognition and guidance from Hong Kong regulators. Through the regulatory sandbox, the HKMA allows institutions intending to issue stablecoins in Hong Kong to test their proposals and engage in two-way communication with regulators, providing a basis for the formulation of formal regulatory systems. JD Coin Chain Technology maintains close communication with the HKMA and collaborates with regulatory agencies in other regions globally to promote the global compliance expansion of stablecoin business. Currently, JD's stablecoin has not yet been officially issued to the public, and the official emphasizes that there are no purchasing channels, reminding the public to be wary of related scam information. According to company head Liu Peng, the JD stablecoin is in the late stage of sandbox testing and is expected to be launched in the market once Hong Kong officially issues the license. The overall timeline shows: end of 2023 Hong Kong formulates stablecoin regulatory framework → July 2024 JD enters sandbox pilot → May 2025 Hong Kong Legislative Council passes the "Stablecoin Ordinance" → Mid-2025 JD stablecoin completes multiple rounds of testing, issuance imminent.
In the process of advancing the project, JD closely collaborates with regulators and industry partners. The HKMA launched the stablecoin issuer sandbox pilot in March 2024, and by July 2024, it had received inquiries and applications from dozens of institutions. In addition to JD, the first batch of institutions participating in the sandbox includes RD Technologies, which issues the Hong Kong dollar stablecoin "HKDR," and a joint venture project led by Standard Chartered Bank (Hong Kong) for the Hong Kong dollar stablecoin. On the regulatory side, the HKMA, the Financial Services and the Treasury Bureau, and others maintain communication with JD Coin Chain Technology to ensure the project meets regulatory requirements. JD is also exploring cooperation opportunities with traditional financial institutions such as Standard Chartered Bank (Hong Kong) to jointly improve the application ecosystem of stablecoins. Notably, the Hong Kong financial regulatory authority officially implemented the "Stablecoin Ordinance" on May 30, 2025, marking a step closer for JD and other first pilot institutions to formal licensed issuance. With the support of the regulatory sandbox, the JD stablecoin project is progressing smoothly, laying the foundation for the next phase of formal issuance.
II. Strategic Significance: New Digital Financial Opportunities for JD, Hong Kong, and Mainland China
The issuance of digital stablecoins by JD is not only a strategic upgrade for itself but also has far-reaching significance for Hong Kong's status as an international financial center and the development of digital finance in mainland China.
For JD Group: Stablecoins can serve as the payment infrastructure for JD's global business, addressing pain points in cross-border payment settlements. JD Group CEO Liu Peng stated that stablecoins possess certain monetary attributes while also leveraging the technological advantages of digital assets, which can compensate for the volatility of traditional cryptocurrencies and stand out in the payment field. The positioning of JD's stablecoin is not limited to serving JD's own e-commerce ecosystem but aims to provide more efficient, low-cost, and secure payment solutions for global enterprises and individuals. By mastering the bridge between fiat currency and cryptocurrency exchange, JD is expected to gain an advantage in areas such as cross-border e-commerce and overseas market settlement. Additionally, the issuance of stablecoins can bring resources and benefits to JD's fintech sector, such as earning interest on user deposit funds and enhancing transaction data accumulation. Overall, the stablecoin project helps solidify JD's positioning as a technology-driven service enterprise and expand its fintech landscape.
For Hong Kong as an International Financial Center: JD's choice to issue stablecoins in Hong Kong highlights the unique value of Hong Kong in digital currency experimentation. In recent years, the Hong Kong SAR government has actively embraced virtual assets and the Web3 industry, striving to consolidate Hong Kong's status as an international financial center. The passage of the "Stablecoin Ordinance" and the advancement of the sandbox pilot make Hong Kong the first jurisdiction in the world to establish a comprehensive regulatory framework for fiat currency stablecoins. This is significant for Hong Kong: first, stablecoins, as representatives of digital financial infrastructure, are expected to enhance the innovation vitality and competitive advantage of Hong Kong's financial market; second, the stablecoin pilot has attracted participation from well-known domestic and foreign enterprises, including JD and Standard Chartered, driving capital market attention to related concepts; third, by being the first to regulate stablecoins, Hong Kong can gain a certain voice in the formulation of international rules. Some analyses suggest that the development of stablecoins essentially extends the dominance of the U.S. dollar into the cryptocurrency realm, and whoever sets the rules can gain an advantage in the future reshuffling of the monetary system. Therefore, Hong Kong's bet on stablecoins is expected to play a key role in the new round of financial transformation.
For the Development of Digital Finance in Mainland China: The Hong Kong stablecoin experiment also has enlightening significance for the development of digital finance in mainland China. Currently, mainland China maintains a strict regulatory attitude towards cryptocurrencies and stablecoins, primarily promoting the implementation of central bank digital currency (digital RMB). However, Hong Kong's practice indicates that under a compliant framework, stablecoins can serve as payment tools rather than merely speculative assets, and the regulatory logic is shifting to view them as financial infrastructure. According to a report by CITIC Securities, the promotion of stablecoin legislation in Hong Kong and the U.S. will provide a stable trading medium for the tokenization of real assets, facilitating the issuance of real-world asset (RWA) projects by mainland enterprises in Hong Kong. At the same time, the implementation of stablecoin policies is expected to indirectly promote cooperation between Hong Kong and mainland China in areas such as cross-border settlement of digital RMB and supply chain finance. Liu Peng from JD also revealed that the team is actively researching the possibility of issuing stablecoins pegged to offshore RMB to provide new tools for the cross-border circulation of RMB, but this requires communication with mainland regulators. It is foreseeable that the successful pilot of Hong Kong's stablecoin will provide a sample for mainland observation: on one hand, it will verify the practical benefits of digital currencies in trade settlement and consumer payments; on the other hand, it will compel the mainland to consider how to absorb the advantages of stablecoins into the future digital financial system under the premise of safety and control. For example, it is not ruled out that the future digital RMB may reference stablecoin mechanisms to enhance cross-border usability and programmability. In summary, the Hong Kong stablecoin project, as a "frontier testing ground," will influence the direction of digital finance regulation and innovation in mainland China.
III. Technical Implementation: Balancing Openness and Compliance
The JD stablecoin is issued using a blockchain technology architecture, based on a public blockchain digital token, pegged to the Hong Kong dollar (HKD) to maintain value stability at a 1:1 ratio. This means that for every JD stablecoin issued, there is a reserve asset equivalent to 1 Hong Kong dollar backing it.
Technical Architecture and Underlying Chain Selection: The choice of a public blockchain as the underlying layer is to leverage the distributed ledger, peer-to-peer transmission, and programmability features of blockchain to achieve transparent value transfer and rapid settlement. Additionally, using mainstream public chains helps improve the compatibility of the stablecoin, facilitating access for different wallets, trading platforms, and applications. The specific public chain name has not been disclosed, but it is speculated that it may be based on mature chains like Ethereum or an upgraded version of JD's self-developed regulatory alliance chain architecture to balance performance and compliance needs.
Pegging Mechanism and Reserve Custody: As a fiat-backed stablecoin, the JD stablecoin adopts a 100% full reserve pegging mechanism, meaning that each unit of the token has high-quality, highly liquid assets as reserves to ensure price stability and allow holders to redeem at face value. According to information from JD Coin Chain Technology and RD Technologies' official websites, both upcoming Hong Kong dollar stablecoins are pegged 1:1 to the Hong Kong dollar, with reserve assets consisting of highly liquid assets stored in independent accounts at licensed financial institutions, and disclosed through regular reports for external inquiry. This means that the reserves for the JD stablecoin are likely to consist mainly of cash, bank deposits, and low-risk assets like short-term government bonds, stored in recognized custodial bank accounts, isolated from the issuer's own funds. This custodial arrangement can prevent the issuer from misappropriating reserves and protect the rights of holders. Hong Kong regulations require stablecoin issuers to redeem holders' tokens at face value at any time, so JD has designed a comprehensive redemption mechanism: users can submit redemption requests, and the issuer promises to pay in fiat currency equivalent within a reasonable time. Meanwhile, the system will record the issuance and redemption processes through smart contracts or backend systems to ensure that the on-chain token quantity corresponds in real-time with the reserve assets.
Cross-Border Payments and Smart Contract Mechanism: One of the key focuses of the technical implementation of the JD stablecoin is its application in cross-border payment scenarios. Leveraging the peer-to-peer transmission characteristics of blockchain, fund settlement between two locations can bypass traditional multi-level intermediaries, achieving near real-time arrival and reducing cross-border remittance fees and exchange rate costs. JD has revealed that testing scenarios include cross-border trade payments and retail payments. For example, in cross-border e-commerce, overseas consumers can directly use JD stablecoins for payment, saving exchange fees compared to credit card channels; suppliers can also promptly recover payments through stablecoins, accelerating capital turnover. Additionally, JD is testing stablecoin payments in conjunction with its online mall in Hong Kong and Macau, aiming to resolve previous pain points in retail payments such as slow settlement and high fees. Regarding the smart contract mechanism, stablecoins, as blockchain tokens, are inherently programmable. This means that enterprises can integrate stablecoins into smart contracts to achieve automated payments and financial innovations. For instance, in supply chain finance, contracts can be written to automatically release stablecoin payments to suppliers once the logistics system confirms receipt, thereby reducing manual intervention and credit risk. Similarly, in gaming or digital asset trading, stablecoins can serve as a settlement medium, achieving instant clearing and profit sharing through contracts. The JD stablecoin is also expected to support basic compliance functions, such as blacklist and freezing features, to meet anti-money laundering and sanction requirements (similar to the practices of mainstream stablecoin USDC).
Overall, the technical solution of the JD stablecoin balances openness and compliance, combining on-chain and off-chain approaches to leverage the advantages of blockchain for cross-border circulation and high availability while meeting regulatory requirements in reserve custody and information disclosure, laying a technical foundation for subsequent large-scale applications.
IV. Profit Model of Digital Stablecoins: Seigniorage and Ecological Effects
The profit model brought by the issuance of stablecoins is diverse, encompassing both direct financial gains and far-reaching strategic value.
Seigniorage and Interest Income: This is the most direct source of profit from stablecoin issuance. When users exchange fiat currency for stablecoins, it is equivalent to the issuer obtaining a sum of interest-free funds. The issuer can invest this reserve in low-risk interest-bearing assets, thereby earning interest spread. For example, with the rise in interest rates in recent years, Circle and Tether have seen their interest income soar, becoming a major source of profit. For JD's stablecoin, if the issuance scale reaches billions, even if the reserves are placed in short-term deposits or government bonds with an annual yield of 2-5%, it could generate tens of millions to over a hundred million Hong Kong dollars in interest income annually. After deducting operational costs, this portion of income constitutes the seigniorage profit of the stablecoin business.
Value-Added Services and Ecological Effects: In addition to passive interest income, stablecoins can bring various active profit models and strategic benefits.
Transaction and Exchange Fees: The issuer can charge small fees for the issuance, redemption, or large transfers of stablecoins.
Cross-Border Settlement and Payment Services: If JD's stablecoin is widely used for cross-border e-commerce and supply chain payments, JD can provide value-added services such as currency exchange, wallet custody, and payment gateways based on the stablecoin, charging service fees to corporate clients.
Supply Chain Finance Opportunities: JD can utilize the stablecoin platform to provide financing, factoring, and other services to upstream and downstream suppliers, leveraging the transparent and traceable characteristics of stablecoins to reduce risk control costs and improve efficiency.
Ecological Effects: Stablecoins can enhance user stickiness and retention rates, driving growth in transaction volume in the marketplace; they promote data accumulation, which feeds back into JD's risk control and marketing, indirectly creating value. PayPal's launch of PYUSD and the provision of yield incentives also confirm the importance of the stablecoin ecological effect.
In summary, the profit model of stablecoins is multifaceted—short-term, there are direct gains such as seigniorage, while long-term, the strategic significance for the payment landscape and financial ecosystem is more important. Once JD's stablecoin is widely adopted, it will further solidify JD's position as an infrastructure provider in cross-border e-commerce and digital finance, which will itself translate into enormous commercial value.
V. Hong Kong's Policy Environment: A Model of Prudent Openness in Regulation
Hong Kong has adopted a prudent and open attitude towards stablecoin regulation and has taken the lead globally.
Stablecoin Ordinance and Licensing System: On May 21, 2025, the Legislative Council of Hong Kong passed the "Stablecoin Ordinance," which officially came into effect on May 30, becoming Asia's first law to systematically regulate fiat-backed stablecoins. The ordinance establishes a licensing system for stablecoin issuers, to be implemented by the Hong Kong Monetary Authority (HKMA). The ordinance stipulates that any stablecoin issued in Hong Kong that is pegged to the value of a fiat currency, or issued overseas but claiming to be pegged to the value of the Hong Kong dollar, must apply for a license from the HKMA. Licensing requirements are stringent, including reserve asset management, redemption obligations, risk and compliance, information disclosure, and auditing. After the ordinance's implementation, to enhance investor protection, Hong Kong only allows designated licensed institutions to sell fiat-backed stablecoins in the region, and only licensed stablecoins can be offered to retail investors.
Sandbox Policy and Latest Developments: Before the regulations were enacted, Hong Kong actively guided the development of stablecoins through a regulatory sandbox. The HKMA officially launched the "Stablecoin Issuer Sandbox" program in March 2024, with the first pilot list announced on July 18, 2024, including JD Coin Chain Technology among three groups. The sandbox allows selected institutions to test their stablecoin technology and operational plans according to proposed regulatory requirements before the formal implementation of the licensing system, facilitating two-way communication with regulatory authorities. Following the ordinance's effectiveness on May 26, 2025, the HKMA further released a consultation document proposing detailed regulatory guidelines. These measures indicate that Hong Kong is steadily transitioning from sandbox experimentation to licensed regulatory phases, with the first batch of stablecoin issuance licenses expected to be granted within the year.
Regulatory Agency Coordination and Licensing System Details: In Hong Kong, the regulation of stablecoins is primarily led by the HKMA, which coordinates with the Securities and Futures Commission (SFC). Since fiat-backed stablecoins are closer to payment tools or deposit substitutes, the HKMA assumes the main regulatory responsibilities. Under the new regulatory framework, only licensed banks, licensed stored-value payment instrument institutions, or specially approved companies can provide stablecoin services to the public. Another recent development in policy is Hong Kong's participation in discussions on cross-border stablecoin cooperation, such as exploring whether the Guangdong-Hong Kong-Macao Greater Bay Area can use stablecoins to enhance cross-border payment efficiency and how Hong Kong's stablecoins can connect with the mainland's digital RMB pilot. These developments show that Hong Kong is incorporating stablecoins into its financial innovation strategy, with a maturing and improving regulatory environment.
VI. International Comparative Analysis: Global Regulatory Race and Entry of Giants
Currently, major economies around the world are accelerating the construction of stablecoin regulatory frameworks, presenting a synchronized competitive landscape.
United States: Regulatory Exploration and Market Practice Progressing Together. For a long time, the U.S. lacked a federal-level dedicated law for stablecoins, but since 2023, Congress has begun actively promoting stablecoin legislation, with the latest development being the Senate's passage of the GENIUS Act, establishing the first unified stablecoin regulatory framework in the U.S. In the market, Tether (USDT) and USD Coin (USDC) dominate the global stablecoin market. PayPal issued the dollar-pegged stablecoin PYUSD in August 2023, becoming the first dollar stablecoin launched by a major payment company. Visa, Mastercard, and others are also collaborating with institutions to trial USDC for settlement in cross-border payments.
Europe: MiCA Regulation Leading Comprehensive Regulation. The European Union is at the forefront of stablecoin regulation, with the Markets in Crypto-Assets Regulation (MiCA) officially passed in 2023 and set to be implemented in phases from late 2024 to 2025. MiCA establishes detailed and stringent regulatory requirements for stablecoins, including issuance licenses, reserve requirements, redemption and rights, and operational restrictions. Société Générale issued the euro stablecoin (EUR CoinVertible), becoming the first approved bank stablecoin.
Singapore: Clear Standards for Single-Currency Stablecoins. The Monetary Authority of Singapore (MAS) released a new regulatory framework for stablecoins in August 2023, applicable to single-currency stablecoins (SCS) pegged to the Singapore dollar or G10 currencies. The framework primarily requires value stability, capital requirements, redemption timeliness, asset custody and independent auditing, and investor rights. Singapore and Hong Kong share similarities in their approaches to stablecoin regulation, but Singapore focuses more on single-currency stablecoins for local and major foreign currencies; Hong Kong explicitly states that only stablecoins pegged to the Hong Kong dollar can be issued, and any stablecoin pegged to the Hong Kong dollar, regardless of whether it is issued in Hong Kong or elsewhere, must be regulated by the HKMA.
Industry Giants' Movements:
PayPal Launches PYUSD: In August 2023, PayPal officially released the PayPal USD (PYUSD) stablecoin, the first dollar stablecoin launched by a major payment company. Its strategic goal is to integrate blockchain technology into mainstream payment networks, achieving low-cost, near-real-time cross-border transfers and payments.
Stripe Integrates Stablecoin Payments: Another payment giant, Stripe, has chosen to enter the digital currency space by integrating other stablecoins. Stripe's merchants can now open a stablecoin account, easily receive and hold USDC balances, and convert them to local fiat currency at any time.
Adyen Shifts from Caution to Preparation: The well-known European payment company Adyen has been cautious about cryptocurrencies in the past, but now, under the stablecoin wave, it is beginning to change its attitude and is preparing technically, such as upgrading payment gateways to support settlements in USDC and other stablecoins.
These international trends and the entry of giants confirm the enormous potential of stablecoins as payment tools and financial infrastructure, providing valuable experience and references for JD's practices in Hong Kong.
Conclusion:
The development of digital stablecoins is no longer a question of "whether it is feasible," but rather "when will it flourish comprehensively." As regulatory clarity emerges in various countries, the new era of stablecoins is unstoppable. JD's exploration of issuing Hong Kong dollar stablecoins is not only a strategic expansion of its own business but also an important testing ground for Hong Kong to consolidate its status as an international financial center and for the development of digital finance in mainland China.
We look forward to seeing whether JD can leverage the Hong Kong stablecoin to usher in a new peak of development, reshape the cross-border payment landscape, and ignite a trillion-dollar digital finance blue ocean. Or will other latecomers take off from Hong Kong and compose a new legend of digital stablecoins? Regardless, this financial transformation led by stablecoins is changing the future of global finance at an unprecedented speed and depth.
Related Reading: An Experiment with No Turning Back, Huaxing Capital's Bold Bet on Web3
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
