JD.com to Launch HKD-Backed Stablecoin for Shopping

In addition to this, the company is also exploring the possibility of supporting other fiat -backed stablecoins. This initiative follows JD.com’s registration in Hong Kong’s government-backed stablecoin issuer sandbox program, positioning the firm among the first three companies in the region to join the pilot framework.

According to Liu Peng, e-CEO of JD CoinChain Technology, JD.com’s testing within the sandbox is progressing smoothly. He indicated that while the focus has been on a Hong Kong dollar-pegged stablecoin, the company intends to expand testing to include other fiat-based stablecoins in response to market demand.

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“As of early June, we have mainly tested the Hong Kong dollar stablecoin and will test other fiat stablecoins later. Based on market demand, we expect the two stablecoins to be issued at the same time,”

Peng said during an interview with Bloomberg Businessweek.

However, the specific launch schedule remains contingent upon the implementation of the city’s new Stablecoin Ordinance. Peng noted that JD.com aims to obtain its license by the fourth quarter of 2025 and is targeting the official debut of the “JD Stablecoin” during that same period.

He added that the stablecoin will be issued on a public blockchain, ensuring transparency by allowing anyone to verify issuance volumes and other related data.

Further highlighting the benefits, Peng stated that the stablecoin could reduce transaction times from days to seconds, while lowering costs by at least 50% compared to traditional transfers. He also pointed out that on-chain fund turnover would be significantly faster than that of standard online transactions.

Meanwhile, Hong Kong is moving forward with its stablecoin regulatory framework, with the new rules set to take effect on August 1, 2025. This timeline was confirmed by Financial Secretary Paul Chan in a blog post published on June 15, aligning with previous announcements by the Hong Kong Special Administrative Region (SAR) Government.

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