A deep experiment named "stablecoin," with "sovereign finance" and "on-chain clearing network" as its essence.

Written by: Sanqing

Introduction

On August 1, 2025, Hong Kong's "Stablecoin Regulation" will officially take effect, clearly requiring that all stablecoin issuance anchored to fiat currencies must apply for a license and meet regulatory standards such as reserves, audits, and KYC/AML. Just as this policy "red line" is drawn, Ant Group and JD.com simultaneously announced their entry into the stablecoin business, becoming the first batch of Chinese tech giants to rush into the licensing race.

On the surface, this appears to be a corporate response to policy and a technological upgrade embracing Web3. However, if we delve into their strategic motives and technological architecture, we will find that this is actually a deep experiment named "stablecoin," with "sovereign finance" and "on-chain clearing network" as its essence.

1. Why Ant and JD? They are not here to replace USDT

Ant and JD's entry into stablecoins is less about following the crypto trend and more about attempting to reshape the role of the Renminbi in the cross-border financial order. Unlike crypto-native projects, their goal is not to create a payment tool that can circulate in the DApp world:

For Ant, stablecoins are the final piece to complete its cross-border payment loop, serving as the fiat layer of "on-chain Alipay+."

For JD, stablecoins are a "on-chain liquidity tool" that connects overseas e-commerce platforms, supply chain financing, and overseas warehouse settlement systems.

Both share a common goal: to build their own "on-chain Renminbi zone" and test new technological paths for "Renminbi internationalization" on the institutional springboard of Hong Kong.

2. Ant: Building a "Renminbi Highway" with Stablecoins

In June 2025, Ant International and Ant Digital announced their intention to apply for stablecoin licenses. On the surface, the former is responsible for global payment business, while the latter focuses on digital financial technology. However, from their RWA pilot projects and global banking cooperation routes, it is clear that what Ant truly desires is to lead a financial infrastructure that is "Renminbi-denominated + on-chain clearing."

• Ant Digital has completed its RWA project in Hong Kong in 2024, tokenizing the revenue rights of new energy charging piles and achieving on-chain financing settlement.

• Ant International announced a strategic partnership with Deutsche Bank to explore a combination of tokenized bank deposits and stablecoins, seeking alternative paths for global corporate payment clearing.

• Alipay+ currently has a massive user base in several Asian countries, and once stablecoins are integrated into its underlying settlement, it will have the technical conditions to "replace the US dollar with the Renminbi."

In other words, Ant is not creating a product; it is designing an on-chain channel for the global expansion of the Renminbi. Stablecoins are merely the most "gentle" technical expression.

3. JD: Building an "On-Chain Settlement Internal Loop" for Supply Chains

Compared to Ant's global financial ambitions, JD appears more "pragmatic": starting in 2024, it will participate in the Monetary Authority's stablecoin sandbox through its JD Coin Chain Technology, developing a stablecoin pegged to the Hong Kong dollar, targeting not individual users but the "settlement internal loop" within its merchants, logistics, warehousing, and payment systems.

The logic behind JD's move is:

• The lengthy global account periods and complex settlements in export e-commerce mean that stablecoins can enable JD to form an efficient and clear ledger system between "platform - overseas warehouse - merchants."

• Collaborating with Tianxing Bank indicates that its goal is not just to issue coins but to build a small-scale settlement network, ultimately reconstructing the "JD business circle" on-chain.

• JD does not aim to become a crypto payment giant but rather a commercial infrastructure operator with low trust costs and high liquidity efficiency.

4. Common Demands of Two Models: Not Relying on the US Dollar, Not Waiting for Central Banks

Although Ant and JD have different routes, they share commonalities:

• Both are issuing coins in Hong Kong because mainland policies do not allow it, and the Hong Kong system is "measurable and controllable."

• Both avoid USDT/USDC because reliance on the US dollar system would prevent them from mastering financial sovereignty.

• Neither is waiting for CNY-CBDC, as the central bank's digital Renminbi has yet to possess free convertibility and cross-border applicability.

In other words, they have chosen an intermediate solution—by using CNH or HKD stablecoins, they are preemptively building a civilian settlement channel for the Renminbi instead of waiting for sovereign arrangements. This is both a response to market opportunities and a pragmatic compromise.

5. Risks and Prospects: Who Will Hold On-Chain Monetary Sovereignty?

If Hong Kong truly allows licensed stablecoins to be promoted on a large scale, the party that controls circulation, accounts, and infrastructure will gain a higher level of "transaction governance" than banks. Ant and JD are attempting to become the rule-makers of this "financial intermediary domain." However, they also face numerous challenges:

• Will the technological trust mechanism meet regulatory requirements?

• Will cross-border flows trigger disputes over capital regulation gray areas?

• Will the US and Europe view the "Chinese stablecoin network" as a challenge and pressure Hong Kong?

• Will Ant or JD be required to partner with state-owned enterprises or official clearing institutions, thereby losing their leading position?

Conclusion: Stablecoins as an Experiment in "Preemptive Sovereignty"

Ant and JD's involvement in stablecoins is not to compete with USDT for market share, nor is it to find use cases for blockchain.

What they are creating is a "market version" of a Renminbi financial network. Before sovereignty has even entered the scene, they have already taken action.

The Hong Kong stablecoin system represents a "gentle shift" in the financial order. Whether this network construction, led by tech companies and driven by commercial logic, can ultimately become part of a Chinese-style monetary system is a question worthy of long-term attention. In this sense, stablecoins are not financial products; they are a political act that has occurred in advance.

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