China’s E-Commerce Giant JD.com Tests Stablecoins in Hong Kong

Key Takeaways

• Chinese e-commerce giant JD.com has entered the stablecoin arena, testing HKD-pegged tokens in Hong Kong’s regulatory sandbox.
• JD has completed the second phase of its testing and aims for a Q4 stablecoin launch pending licensing approval.
• The move comes as global firms race to launch stablecoins amid growing regulatory clarity, especially in the U.S.

Chinese retail titan JD.com is officially stepping into the stablecoin space, becoming the latest major company to explore blockchain-based payments as regulatory frameworks solidify across Asia and the U.S.

Through its fintech arm JD Coinlink, the company has been quietly piloting a stablecoin backed by the Hong Kong dollar and other fiat currencies under the Hong Kong Monetary Authority’s (HKMA) sandbox program.

Second Phase of Testing Complete

In an interview this week , JD Coinlink CEO Liu Peng confirmed that the firm wrapped up the second phase of its stablecoin testing in May.

This stage focused on three practical applications:

• Cross-border payments.
• Retail settlement.
• Investment transactions.

“We expect to obtain the license in early Q4 of this year and launch JD Stablecoin simultaneously,” Peng said. “It will be issued on a public chain, where issuance data can be transparently tracked by anyone.”

According to Peng, the token will be integrated across JD’s ecosystem in Hong Kong and Macau, supporting real-world transactions tied to global trade, M&A activity, and B2B settlements.

Stablecoin Competition Heats Up Globally

JD.com’s entry comes as financial powerhouses worldwide gear up for a stablecoin boom.

The U.S. Senate just passed the long-awaited GENIUS Act, a landmark bill that would create clear rules for issuing stablecoins in the country.

A final vote in the House is expected before the August recess.

In anticipation of the new rules, a wave of traditional finance and fintech players have launched—or are preparing to launch—stablecoins, including:

• JPMorgan.
• PayPal.
• Citigroup.
• Standard Chartered.
• Ripple.
• Robinhood.
• Kraken.
• Galaxy Digital.
• Societe Generale.
• Sumitomo Mitsui.
• ANZ Bank.
• Stripe.
• National Australia Bank.
• Fidelity.

Currently, the stablecoin market is dominated by Tether’s USDT and Circle’s USDC, which together make up over 80% of global volume.

However, as new entrants with strong compliance and institutional backing arrive, the landscape is set for disruption.

JD.com, known for its logistics empire and e-commerce dominance, could offer one of the first large-scale, consumer-facing implementations of a retail-focused stablecoin in Asia.