tl;dr
JD.com plans to apply for stablecoin licenses in multiple countries to reduce cross-border payment costs and times. Founder Richard Liu announced the goal to launch stablecoin services globally, starting with B2B payments and later expanding to consumers. The company aims to enable the use of JD's l...
JD.com announced plans to apply for stablecoin licenses globally, aiming to drastically reduce cross-border payment costs and settlement times. The e-commerce giant intends to begin with business-to-business (B2B) payments before expanding stablecoin services to consumer markets. Founder Richard Liu highlighted goals to cut settlement times to under 10 seconds and reduce payment expenses by up to 90%, signaling a push toward faster, more efficient international transactions.
This stablecoin initiative is part of JD.com's broader strategy to revive growth after five stagnant years marked by slow innovation. Alongside ventures into food delivery and tourism, the project represents a renewed effort to regain momentum in a competitive market.
The timing aligns with significant legislative developments in the United States. The U.S. Senate recently passed the GENIUS Act, establishing a regulatory framework for stablecoins that has piqued interest from major corporations including Amazon, Walmart, and Citigroup. This burgeoning regulatory clarity is fueling enthusiasm for stablecoin adoption across industries.
However, the surge in stablecoin initiatives has met with criticism. Senator Elizabeth Warren and other skeptics warn that corporate-backed stablecoins could enable invasive consumer surveillance and monopolistic behavior. Concerns also persist around the limited consumer benefits due to the lack of interest accrual on stablecoin holdings, even as companies potentially earn income from deposited funds.
JD.com has not divulged specific launch timelines or priorities for jurisdictions but emphasized its focus on overseas markets rather than China. The company envisions a future where JD’s local coins facilitate global payments, reflecting an ambitious expansion into the evolving digital currency landscape.