JD.com Joins Stablecoin Race Amid US Approval of GENIUS Act
JD.com Aims at Global Stablecoin Expansion
Chinese e-commerce giant JD.com is making a dramatic foray into the business of stablecoins, with plans to secure licenses in major global economies. The founder, Liu Qiangdong, made the announcement during a press conference in Beijing, positioning the company’s upcoming stablecoin as an inexpensive and speedy cross-border payments option.
Liu indicated JD.com aims to cut cross-border payment costs by 90% and settle in less than 10 seconds, an extreme divergence from the standard 2–4 day SWIFT mechanism.
“We will apply for our stablecoin license in all major sovereign fiat currency countries of the world,” Liu said.
From B2B to Retail: JD.com’s Long-Term Stablecoin Vision
The stablecoin will begin with business-to-business (B2B) transactions and then see room to move into consumer transactions in the future. JD.com will preserve its current business models but expand globally rather than venturing into new business models.
“We are not going to do new models anymore,” Liu said. “But we will deepen and strengthen the existing seven or eight business models […] and make them international businesses.”
He embraced the ambitious scope of the project, going further to say that failure is innovation: “That’s how business works.”
China Bolsters Plans for Digital Yuan
JD.com’s stablecoin plans are in line with China’s broader push toward digital currency adoption. People’s Bank of China Governor Pan Gongsheng spoke on Wednesday about building an international operations center of the digital yuan in Shanghai.
JD.com was among the initial adopters of China’s Digital Currency Electronic Payment (DCEP) system, using it to pay employee wages, B2B transfers, and interbank settlements as early as 2021.
US Passes GENIUS Act to Regulate Stablecoins
JD.com’s announcement came after the US Senate passed the GENIUS Act—Guiding and Establishing National Innovation for US Stablecoins. The act creates federal regulations for the use and issuance of stablecoins.
Following defeat in cloture in May first due to Democratic resistance due to Donald Trump’s crypto ties, the bill recently passed with widespread bipartisan support in a 68–30 vote, clearing the way for further debate and ultimate House vote.
Circle CEO: ‘iPhone Moment’ for Stablecoins on Horizon
Worldwide stablecoin trend direction is optimism, according to Circle CEO Jeremy Allaire, who compared stablecoin potential to the start of mobile revolution recently
“We are not quite yet at the iPhone moment […] but we’re close,” Allaire said.
As regulatory clarity increases and major firms like JD.com enter the fray, the stablecoin market appears poised for its next phase of global adoption.
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JD.com Joins Stablecoin Race Amid US Approval of GENIUS Act
JD.com Aims at Global Stablecoin Expansion
Chinese e-commerce giant JD.com is making a dramatic foray into the business of stablecoins, with plans to secure licenses in major global economies. The founder, Liu Qiangdong, made the announcement during a press conference in Beijing, positioning the company’s upcoming stablecoin as an inexpensive and speedy cross-border payments option.
Liu indicated JD.com aims to cut cross-border payment costs by 90% and settle in less than 10 seconds, an extreme divergence from the standard 2–4 day SWIFT mechanism.
“We will apply for our stablecoin license in all major sovereign fiat currency countries of the world,” Liu said.
From B2B to Retail: JD.com’s Long-Term Stablecoin Vision
The stablecoin will begin with business-to-business (B2B) transactions and then see room to move into consumer transactions in the future. JD.com will preserve its current business models but expand globally rather than venturing into new business models.
“We are not going to do new models anymore,” Liu said. “But we will deepen and strengthen the existing seven or eight business models […] and make them international businesses.”
He embraced the ambitious scope of the project, going further to say that failure is innovation: “That’s how business works.”
China Bolsters Plans for Digital Yuan
JD.com’s stablecoin plans are in line with China’s broader push toward digital currency adoption. People’s Bank of China Governor Pan Gongsheng spoke on Wednesday about building an international operations center of the digital yuan in Shanghai.
JD.com was among the initial adopters of China’s Digital Currency Electronic Payment (DCEP) system, using it to pay employee wages, B2B transfers, and interbank settlements as early as 2021.
US Passes GENIUS Act to Regulate Stablecoins
JD.com’s announcement came after the US Senate passed the GENIUS Act—Guiding and Establishing National Innovation for US Stablecoins. The act creates federal regulations for the use and issuance of stablecoins.
Following defeat in cloture in May first due to Democratic resistance due to Donald Trump’s crypto ties, the bill recently passed with widespread bipartisan support in a 68–30 vote, clearing the way for further debate and ultimate House vote.
Circle CEO: ‘iPhone Moment’ for Stablecoins on Horizon
Worldwide stablecoin trend direction is optimism, according to Circle CEO Jeremy Allaire, who compared stablecoin potential to the start of mobile revolution recently
“We are not quite yet at the iPhone moment […] but we’re close,” Allaire said.
As regulatory clarity increases and major firms like JD.com enter the fray, the stablecoin market appears poised for its next phase of global adoption.
Read More