Chinese e-commerce and tech titan JD.com is embarking on an ambitious plan to acquire stablecoin licenses worldwide, signaling a major push into the digital currency landscape. Founder and Chairman Richard Liu announced on Tuesday that the company aims to secure licenses in “all major sovereign currency countries” to facilitate global business-to-business (B2B) transfers.
Liu highlighted the transformative potential of JD’s stablecoin project, asserting it could slash cross-border payment costs by a remarkable 90% and process transactions in a mere 10 seconds. This would represent a significant leap forward compared to the current expenses and delays associated with the traditional SWIFT system. Ultimately, Liu envisions a future where “global consumers will be able to use JD’s coin for seamless international transactions.”
JD.com’s strategic move into stablecoins aligns with the rapidly evolving regulatory environment surrounding dollar-pegged stablecoins, particularly in the U.S., which has ignited similar discussions globally. Coincidentally, on Wednesday, Pan Gongsheng, Governor of the Central Bank of China, acknowledged the disruptive impact of blockchain and stablecoins on traditional payment systems, noting their ability to significantly enhance efficiency in cross-border transactions while simultaneously presenting new challenges for financial oversight.
In related news, JD.com recently reported robust financial results, with first-quarter revenue climbing to RMB 301.1 billion ($41.5 billion), a 16% year-over-year increase. The conglomerate’s total annual revenue in 2024 reached RMB 1,158.8 billion ($158.8 billion), solidifying its position as a dominant force in China’s e-commerce sector alongside Alibaba and Pinduoduo.
