China’s JD.com to Apply for Stablecoin Licenses in Major Jurisdictions

Chinese e-commerce giant JD.com plans to roll out stablecoins in key global markets to reduce cross-border payment costs by up to 90% and cut settlement times to under 10 seconds. Founder Richard Liu announced the plans at a Beijing press event on June 17, 2025.

Strategy and Deployment Roadmap

At the recent Beijing briefing, Liu described the stablecoin initiative as part of JD.com's strategy to accelerate overseas growth after five years of stagnation in domestic markets. Through its subsidiary, Jingdong Coinlink Technology, the company will first apply for licenses in Hong Kong, where JD's Coinlink unit joined the HKMA's regulatory sandbox last year. Then, the company plans to expand into other economies, with full rollouts expected later in 2025.

We hope to apply for our stablecoin license in all major sovereign currency countries in the world. We can reduce payment costs by 90% and deliver within 10 seconds,

Liu said, contrasting this with the traditional SWIFT system's two-to-four-day settlement window.

Initially, JD.com will deploy the stablecoin for business payments, using its in-house blockchain network that already processes around $7 billion annually in supply-chain finance. The ultimate goal is to expand the stablecoin into consumer-facing payments on its e-commerce platforms, potentially enabling its nearly 600 million users to pay with JD-issued tokens.

Regulatory Context

The announcement comes as the U.S. Senate passed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), in a 68–30 vote after months of bipartisan negotiations. The bill would impose 100% dollar or Treasury backing, federal oversight by the OCC, and FDIC insurance on stablecoin issuers, creating a single national framework. 

Meanwhile, Hong Kong's Stablecoin Ordinance takes full effect on August 1, 2025, creating a formal licensing framework for fiat-referenced stablecoin issuers. Ant Group's international arm has already confirmed plans to apply for an issuer license there and is exploring similar approvals in Singapore and Luxembourg. As different jurisdictions adopt clearer frameworks, stablecoins experience heightened demand among businesses and end users.