Chinese e-commerce giant JD to apply for stablecoin licenses in major global markets, founder says

Leading Chinese e-commerce and tech giant  JD.com plans to obtain stablecoin licenses in various countries globally, its founder and chairman, Richard Liu, said on Tuesday.

"We hope to apply for our stablecoin license in all major sovereign currency countries around the world, enabling global, business-to-business transfers," Liu said at a press briefing in Beijing.

The founder stated that JD's global stablecoin project could reduce cross-border payment costs by 90% and process transactions in just 10 seconds, a significant improvement over the current expenses and delays of the SWIFT system.

"One day, we hope global consumers will be able to use JD's coin for seamless international transactions," Liu said.

JD's plan to enter the stablecoin space aligns with  the fast-developing regulation surrounding dollar-pegged stablecoins in the U.S., which has spurred similar conversations worldwide.

On Wednesday, Pan Gongsheng, Governor of China's central bank, stated that blockchain and stablecoins have transformed the traditional payment system, significantly improving efficiency in cross-border transactions, while posing challenges for financial supervisors.

Stablecoins appear to have become a new battleground for Chinese e-commerce giants. Alipay owner Ant Group’s international unit said last week that it plans to apply for a license to issue stablecoins in Hong Kong.

Meanwhile, the Chinese conglomerate reported first-quarter revenue of RMB 301.1 billion ($41.5 billion), representing a 16% year-over-year increase. It had a total annual revenue of RMB 1,158.8 billion ($158.8 billion) in 2024, positioning itself as one of the largest e-commerce platforms in China alongside Alibaba and Pinduoduo.