Chinese e-commerce giant JD.com is entering the stablecoin market. Founder Liu Qiangdong announced plans to apply for global stablecoin licenses to support cross-border payments.
The announcement came during a media briefing in Beijing on Tuesday. It coincided with the US Senate’s passage of the GENIUS Act, a significant bill that sets federal regulations for stablecoins.
Liu said, “We hope to apply for our stablecoin license in all major sovereign currency countries.” He explained that JD.com’s stablecoin aims to speed up global payments while lowering costs.
According to Liu, their stablecoin can cut payment costs by 90% and complete transactions within 10 seconds. This is much faster compared to the traditional SWIFT system, which can take two to four days for settlement.
Initially, JD.com plans to use the stablecoin for business-to-business (B2B) transactions. Liu also suggested the possibility of expanding to consumer payments in the future. “After B-side payment is completed, we can move toward C-side payment,” he said, referring to retail customers.
Liu acknowledged that the project may face difficulties and could fail but said, “That is how business works.”
JD.com aims to expand internationally while focusing on its existing supply chain business. Liu stated, “We are not going to create new models anymore. Instead, we will deepen and strengthen the seven or eight existing business models and make them international.”
Separately, on Wednesday, Pan Gongsheng, Governor of the People’s Bank of China, announced plans to establish an international digital yuan operations center in Shanghai. This move supports China’s effort to internationalize the digital yuan and reduce global dependence on the US dollar.
JD.com has been involved with China’s Digital Currency Electronic Payment (DCEP) system since 2021. The company uses DCEP for employee salaries, B2B payments, and cross-bank settlements.
JD.com’s entry into stablecoins comes amid growing global interest in stablecoin infrastructure and regulatory reforms.
The US Senate passed the GENIUS Act on Tuesday. The bill had previously failed a cloture vote in May, due to opposition from Democrats concerned about former President Donald Trump’s ties to the cryptocurrency industry.
Last week, the Senate voted 68-30 to invoke cloture, allowing the bill to proceed to debate and a full vote.
The bill still faces potential challenges in the Republican-controlled House of Representatives.
Circle CEO Jeremy Allaire said last week that the stablecoin industry is nearing a breakthrough. He compared the moment to the launch of the iPhone, saying developers are close to realizing the potential of programmable digital dollars on the internet.
