When everyone's attention is focused on internet giants like JD.com, Ant Group, and Tencent vying for stablecoin licenses in Hong Kong, an unexpected figure is quietly approaching the table—Huang Guangyu and his Gome. This former richest man in China, now leading his retail empire, may become a dark horse in the battlefield of RMB stablecoins. This is not unfounded; it is based on a deep analysis of the current stablecoin landscape, the internationalization strategy of the RMB, and Gome's unique advantages. The curtain on a cross-industry comeback is quietly rising, and the once retail giant may become a key variable in the new financial chess game, overturning our inherent understanding of the Web3 financial landscape.
- The Hong Kong Stablecoin Feast: JD.com is Just One of the "Top Students"
The passage of Hong Kong's 2025 "Stablecoin Regulation" has indeed sparked a wave of stablecoin enthusiasm. JD.com is indeed part of this, with its JD Coin Chain Technology testing the JD-HKD pegged to the Hong Kong dollar in the Hong Kong Monetary Authority's "stablecoin sandbox." However, JD.com is not the only player. Giants like Ant Group, Tencent, and Xiaomi are also in this race. In this competition, JD.com resembles a "compliant top student" rather than a disruptor.
- The "Inherent Limitations" of Hong Kong Dollar Stablecoins and the Strategic Opportunities of RMB Stablecoins
The design of Hong Kong's stablecoins has inherent bottlenecks. The Hong Kong dollar is pegged to the US dollar and operates under a linked exchange rate system. This means that Hong Kong dollar stablecoins are essentially an extension of the US dollar system, making it difficult to escape the shadow of the dollar. As some viewpoints suggest, the stability of Hong Kong dollar stablecoins is not determined by Hong Kong but is still defined by the US dollar. This dependency limits their ability to play an independent strategic role.
In contrast to Hong Kong dollar stablecoins, RMB stablecoins hold greater strategic significance. They are seen as a key path to breaking the US dollar's hegemony and promoting China's financial autonomy. The ability to issue RMB stablecoins is also a patriotic battle! Those who succeed will be remembered by history! China has become the world's second-largest economy and the largest goods trading nation, possessing a complete industrial chain and a vast market, providing strong economic fundamentals for RMB stablecoins.
- Why Huang Guangyu and Gome? The "No Way Out" Driving Force for Breakthroughs
Among the many giants, Gome, led by Huang Guangyu, has unique advantages that make it a potential dark horse in the field of RMB stablecoins:
Internet O2O Foundation: Gome has completed the integration of internet O2O (online and offline), while the core of blockchain O2O is connecting on-chain assets with real-world needs. Gome's extensive offline retail network and supply chain system across the country provide a natural scenario and foundation for the tokenization of RWA (real-world assets).
The "No Way Out" Driving Force for Breakthroughs: Unlike JD.com's Liu Qiangdong, who has "too many choices," Huang Guangyu's "no way out" has become a driving force for breakthroughs. Gome's current predicament makes transformation urgent; the stablecoin and RWA track not only aligns with national financial strategies but also deeply binds with Gome's existing offline retail scenarios, bringing new vitality.
Natural Fit for RWA: The tokenization of RWA is a key link between blockchain technology and the real economy. Local governments have attempted to finance quality assets through RWA tools on-chain, with a core demand that is very practical: "Can we raise money?" This practical inclination of financial tools has a natural fit with Gome's extensive offline assets and supply chain system. Gome's large inventory, accounts receivable from the supply chain, and even store assets could all become quality targets for RWA tokenization.
Entrepreneurial "Humility" and "Hands-On Involvement": In the face of new things like blockchain and stablecoins, entrepreneurs need to set aside past achievements and adopt a humble attitude to learn and participate. Huang Guangyu has made several attempts at transformation in recent years, from home decoration to the "metaverse," but with little success. However, this experience of "failing and trying again" may also become his valuable asset. Avoiding complacency and missing out on transformative opportunities is crucial for entrepreneurs. Huang Guangyu's experiences may make him more willing to "get hands-on" and engage in the construction of stablecoins as a practitioner.
- Conclusion: An Unexpected Comeback?
The development of RMB stablecoins requires a combination of real-world genes and financial innovation, needing practitioners who "get hands-on" rather than bystanders. In this wave of financial innovation, Huang Guangyu and Gome may become an unexpected yet reasonable variable, leveraging their "no way out situation" and "offline real-world genes."
While many are focused on JD.com, Huang Guangyu and Gome may be brewing an unexpected comeback. The future competition in the stablecoin field may no longer be an exclusive game for the big players. Sometimes, the greatest advantage is not having too many choices, but having no choice at all. This race for RMB stablecoins may be written by an unexpected dark horse, creating a new chapter.
Related Reading: Jack Ma's Yunfeng Financial Raises HKD 1.17 Billion, Fully Entering the Virtual Asset Trading Market
Original: “Ant Group and JD.com Race to Launch Yuan Stablecoin, a Dark Horse May Secure License First”
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