China’s e-commerce heavyweight JD.com has taken strategic steps toward launching a stablecoin, just days before Hong Kong’s new regulatory framework for stablecoin issuers comes into force.
According to a Tuesday report by Hong Kong-based outlet Ming Pao, JD.com—often dubbed the “Amazon of China”—has registered two stablecoin-related entities: Jcoin and Joycoin. The filings were made through its fintech arm, JD Coinlink Technology, which is actively involved in the Hong Kong Monetary Authority’s (HKMA) stablecoin issuer sandbox program.
JD Coinlink’s official website indicates that its forthcoming stablecoin, dubbed the “Jingdong stablecoin,” will be fully backed at a 1:1 ratio with the Hong Kong dollar and launched on a public blockchain. The project aims to serve both business and retail users, with a vision to become a leading digital currency within the region.
JD’s move comes just ahead of the HKMA’s finalized stablecoin regulations, which are set to take effect this Friday, August 1. While the regulatory body has yet to publish its list of licensed stablecoin issuers, JD’s recent registrations may position the firm for a timely entry once approvals begin.
JD Coinlink initially joined the HKMA’s sandbox initiative in March 2024, exploring stablecoin development alongside other high-profile participants such as Standard Chartered Hong Kong, RD InnoTech, Animoca Brands, and Hong Kong Telecommunications. Following the sandbox’s launch, JD Coinlink promptly announced its interest in creating a Hong Kong dollar-pegged stablecoin, laying the groundwork for the project over the past year.
Although the Jingdong stablecoin has not yet gone live, JD Coinlink has issued warnings on its platform, cautioning users against fake tokens and fraudulent platforms attempting to impersonate its yet-to-be-launched digital currency.
As the HKMA prepares to roll out its formal licensing framework, JD.com’s stablecoin ambitions underscore the increasing convergence between Chinese tech giants and Hong Kong’s emerging digital finance ecosystem.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
