JD.com Aims to Cut Cross-Border Payment Fees by 90% with Stablecoins

JD.com, a prominent Chinese e-commerce company, has unveiled an ambitious plan to revolutionize cross-border payments by leveraging stablecoins. The company aims to significantly reduce the time and cost associated with international transactions, achieving near-instant settlements and cutting fees by up to 90%. This initiative was announced by JD’s chairman and founder, Liu Qiangdong, during a public forum, where he outlined the company’s vision for faster payments, fewer intermediaries, and a future where digital currencies tied to local fiat are widely used.

At the heart of JD’s strategy is a pilot project in Hong Kong’s regulatory sandbox for stablecoins, led by its subsidiary, Jingdong Coinlink Technology. Liu highlighted that traditional cross-border payments between businesses, which rely on legacy correspondent banking, can take two to four days and incur substantial fees. JD aims to reduce this time to less than 10 seconds by utilizing its in-house blockchain network, Zhizhen Chain, which already handles approximately $7 billion annually through its supply chain finance operations. The goal is to eliminate intermediary banks, clearinghouses, and other third parties, allowing companies to settle transactions directly with each other using stablecoins.

Initially, the focus is on business-to-business transactions, but JD has broader aspirations. Once the infrastructure is proven stable and scalable, the company plans to extend stablecoin usage to its consumer platforms. This could involve integrating stablecoin payments into JD’s e-commerce checkout experience, enabling its nearly 600 million active users to use digital currency for everyday shopping. With a logistics network spanning 20 countries, JD is well-positioned to develop a truly global payment system. Industry analysts suggest that JD could incentivize or require merchants on its platform to accept its stablecoin, thereby accelerating adoption.

JD is not the only major tech player in China exploring stablecoins. Ant Group, known for operating Alipay, has also expressed interest in applying for a stablecoin license in Hong Kong when the city’s new law takes effect in August 2025. Ant Group is also seeking regulatory approvals in Singapore and Luxembourg. Hong Kong has become a regional leader in regulated stablecoin innovation, with a sandbox launched in 2023 attracting global players like Standard Chartered and Xiaomi’s Tianxing Bank, all testing tokenized payment systems under the supervision of the Hong Kong Monetary Authority. The city’s new Stablecoin Ordinance, set to be fully implemented by August 2025, positions it as a launchpad for Asia’s next wave of fintech disruption, which mainland companies like JD and Ant can leverage despite China’s domestic crypto ban.

According to analysts' forecasts, the global stablecoin market is estimated to be around $250 billion this year, with projections rising to nearly $1 trillion by 2030. Western financial giants like PayPal and MasterCard have already introduced or tested their own token-based settlement systems, indicating that the industry is entering a new phase. JD’s approach, which builds on its proprietary blockchain and integrates directly with its retail ecosystem, offers a unique advantage. However, it also faces significant challenges, as stablecoin infrastructure involves not just technological hurdles but also navigating a complex regulatory landscape across multiple jurisdictions.