Chinese e-commerce giant JD.com enters the stablecoin sector

JD.com is planning to apply for stablecoin issuance licenses in several major countries, starting with B2B payment applications before expanding to consumers. Speaking at a press conference in Beijing on June 18, founder Richard Liu stated that JD aims to create a separate stablecoin system for each country, allowing users worldwide to make cross-border payments more quickly and cheaply.

The company expects that the stablecoin can shorten the payment time to under 10 seconds and reduce transaction costs by up to 90%. This is part of a comprehensive restructuring strategy aimed at recovery after 5 years that Liu described as "directionless" due to a lack of growth and innovation.

JD's stablecoin project is taking place against the backdrop of increasing interest from governments and major corporations worldwide in this technology. On the same day, the U.S. Senate passed the GENIUS Act – the first legal framework for stablecoins in the U.S., paving the way for banks, technology companies, and retailers like Amazon, Walmart, and Citigroup to enter the market.