JD.com Enters Stablecoin Market Amid US Regulatory Shift

Chinese e-commerce giant JD.com has announced its entry into the stablecoin market, with founder Liu Qiangdong revealing plans for a global licensing push aimed at enhancing cross-border payments. This move comes as the US Senate passed the GENIUS Act, a landmark bill establishing federal guardrails for stablecoins. Liu Qiangdong outlined that the stablecoin would facilitate faster and cheaper global transactions, reducing payment costs by 90% and delivering transactions within 10 seconds, a stark contrast to the traditional SWIFT system’s two-to-four-day settlement window.

JD.com’s stablecoin initiative is initially targeting business-to-business (B2B) transactions but has the potential to extend to consumer payments. Liu Qiangdong noted that after completing B-side payment, the company could move toward C-side payment, hinting at broader retail ambitions. He acknowledged the challenges and potential failures but emphasized that this is part of the business landscape. This move aligns with JD.com’s strategy to go global while maintaining its supply chain-focused business model. The company aims to deepen and strengthen its existing business models and make them international.

In a related development, the People’s Bank of China Governor Pan Gongsheng announced plans to establish an international digital yuan operations center in Shanghai. This move is part of China’s efforts to internationalize the digital yuan and reduce global reliance on the US dollar. JD.com has already started using China’s Digital Currency Electronic Payment (DCEP) system for employee salaries, B2B payments, and cross-bank settlements since 2021.

JD.com’s push into the stablecoin sector comes amid rising global interest in stablecoin infrastructure and new regulatory reforms. The GENIUS Act, which passed the Senate, initially faced opposition but was eventually voted on in a 68–30 vote. The bill may still face hurdles in the Republican-held House. Stablecoin issuer Circle CEO Jeremy Allaire suggested that the stablecoin breakthrough moment isn’t far off, comparing it to the iPhone moment for developers.

JD.com’s entry into the stablecoin market is a significant development in the global digital currency landscape. As one of the largest e-commerce platforms, JD.com’s foray into stablecoins could set a precedent for other major companies. The regulatory clarity provided by the GENIUS Act in the U.S. is likely to encourage more companies to explore stablecoin solutions, further driving innovation in the digital currency space. This development is expected to enhance cross-border payment systems, foster innovation, and provide a more structured regulatory environment for stablecoins. As the global stablecoin race heats up, companies like JD.com are poised to play a crucial role in shaping the future of digital payments.