JD.com announces progress on stablecoins: entering the second phase of sandbox testing, with testing scenarios including cross-border payments, investment transactions, retail payments, etc

On the afternoon of June 5th, regarding the latest progress of JD stablecoin, JD responded that JD stablecoin has not been officially issued yet and has entered the second phase of sandbox testing. We will provide mobile and PC application products for retail and institutions. The testing scenarios mainly include cross-border payments, investment transactions, retail payments, etc. The positioning of JD stablecoin is not limited to serving JD's own ecosystem, but is committed to providing more efficient, economical, and secure payment infrastructure for global enterprises and individuals. JD also introduced that "in the cross-border payment scenario, we have the characteristics of fast speed, reducing transaction speed from days to minutes or even seconds; secondly, low cost, reducing intermediate links and transaction fees, which can save cross-border payment costs; good experience, able to provide uninterrupted payment services throughout the year and other advantages. This makes it very suitable for current international trade settlement applications. JD responded by saying," Under the guidance of JD Group's overseas business development strategy, our team has conducted detailed research and analysis in the Web3 field and found that issuing payment type stablecoins through blockchain technology can not only solve the problems encountered in cross-border settlement, but also effectively serve other enterprises and the real economy, and benefit the company and society. Both can generate significant economic and social effects. At the same time, the Hong Kong government is also vigorously supporting the Web3 industry. ”JD.com stated, "Based on our comprehensive judgment, we initiated the license application process in Hong Kong as soon as possible. After about a year of hard work, we are honored to receive regulatory recognition and become a participant in the Hong Kong stablecoin issuer sandbox. Currently, we are actively communicating and cooperating closely with the Hong Kong Monetary Authority and other regulatory authorities in the region to promote JD's stablecoin business to expand globally in compliance." (Sina Technology)