Chinese e-commerce heavyweight JD.com has unveiled ambitious plans to enter the global stablecoin market, signaling a major strategic shift aimed at revolutionizing cross-border payments. This announcement coincides with heightened regulatory clarity in the U.S., following the recent passage of the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act).
In a media briefing held in Beijing on Tuesday, JD.com founder Liu Qiangdong revealed his company's intention to apply for stablecoin licenses in all major sovereign currency jurisdictions worldwide. The move is strategically designed to leverage blockchain technology to significantly cut transaction costs and drastically improve settlement speed.
JD.com’s stablecoin is envisioned to provide settlements within 10 seconds - far quicker than conventional cross-border payment networks such as SWIFT, which can take between two to four days for settlement. Liu emphasized that the company's stablecoin could slash current payment processing costs by up to 90%, a transformative improvement in efficiency.
This initiative initially targets the business-to-business market, leveraging JD’s established supply-chain ecosystem. Liu indicated a broader vision, however, hinting at eventual consumer (C-side) payment capabilities.
“Once our B-side payment infrastructure is robust and established, transitioning to consumer payments becomes the natural next step,” Liu explained, highlighting JD.com’s aim to ultimately integrate stablecoin usage into its vast e-commerce ecosystem.
Strategic Global Expansion Amid Regulatory Clarity
JD.com’s stablecoin announcement aligns closely with new regulatory developments in the U.S. The GENIUS Act, recently passed by the Senate, aims to establish clear federal guidelines for stablecoin issuance and usage, a significant milestone that is expected to bolster institutional adoption of stablecoins.
The GENIUS Act initially faced partisan challenges, failing a cloture vote in May due to Democratic concerns about former U.S. President Donald Trump’s connections to the crypto industry. However, the bill advanced following a decisive 68–30 cloture vote last week, clearing the way for extensive debate and eventual consideration in the Republican-controlled House.
Industry observers note this legislative clarity is likely to attract increased institutional interest, further propelling stablecoin adoption globally. Circle CEO Jeremy Allaire recently highlighted the growing anticipation for mainstream stablecoin integration. “We are not quite yet at the iPhone moment when developers everywhere realize the power and opportunity of programmable digital dollars on the internet,” Allaire remarked, signaling the technology’s imminent mainstream breakthrough.
JD.com’s stablecoin ambitions complement China’s broader strategy of internationalizing its own digital currency - the Digital Yuan (e-CNY). On Wednesday, People’s Bank of China Governor Pan Gongsheng announced the establishment of an international digital yuan operations center in Shanghai, underscoring China's determination to reduce global reliance on the U.S. dollar.
JD.com has already demonstrated its commitment to digital currency innovation, actively integrating China’s Digital Currency Electronic Payment (DCEP) system into operations since 2021. The e-commerce giant currently employs the digital yuan to facilitate employee salaries, B2B payments, and cross-bank settlements.
Challenges and Business Realism
Despite optimism, Liu candidly acknowledged potential challenges facing the stablecoin venture, underscoring the practical realities of innovation. "Our ambitious project may encounter significant obstacles, and we could fail," Liu stated. "But embracing risk is fundamental to how business operates, and it’s essential to innovation."
JD.com maintains its strategic focus firmly on its proven supply-chain business model. Rather than introducing radically new business frameworks, Liu stated, "We will deepen and strengthen our existing seven or eight business models, transforming them into robust, international operations."
JD.com's entry into stablecoins represents a substantial development for global cryptocurrency markets, signaling growing legitimacy and adoption of blockchain-based payment solutions. The company's established market position and extensive international supply chains position it as a formidable competitor to existing stablecoin issuers like Circle and Tether.
Analysts expect that JD.com’s foray into stablecoins could further catalyze the adoption of blockchain technology across major global retail and B2B sectors, potentially reshaping cross-border payment landscapes significantly.
In parallel, the global stablecoin market is witnessing growing regulatory maturity, with clear frameworks such as the GENIUS Act providing the necessary legal underpinning for expanded adoption.