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Hong Kong-based e-commerce giant JD.com has announced plans to launch its own stablecoin backed by the Hong Kong dollar by the end of 2025. The company also hinted at potentially supporting other fiat-backed stablecoins in the future. This move positions JD.com as a key player in the growing stablecoin market.

JD.com Joins Hong Kong’s Stablecoin Sandbox Initiative

JD.com has registered with Hong Kong’s government-backed stablecoin issuer “sandbox” program, making it one of only three companies in the region to participate. Liu Peng, the e-CEO of JD CoinChain Technology, shared that the company is making significant progress in testing its stablecoin within the sandbox framework.

According to Liu Peng, the initial testing phase has focused on a stablecoin pegged to the Hong Kong dollar (HKD). He revealed that the company is also exploring the issuance of stablecoins pegged to other currencies based on market demand.

“As of early June, we have mainly tested the Hong Kong dollar stablecoin and will test other fiat stablecoins later. Based on market demand, we expect the two stablecoins to be issued simultaneously,” Peng stated.

Launch Timeline and Key Features of JD Stablecoin

The launch of JD.com’s stablecoin will depend on the implementation of the newly legalized Stablecoin Ordinance. Liu Peng expects JD.com to secure a license by the fourth quarter of 2025, with the official release of the “JD Stablecoin” occurring around the same time.

Highlighting the transparency of the project, Peng noted that the stablecoin will be issued on a public blockchain, allowing anyone to view issuance volumes and other related data. This aligns with the broader trend of increasing transparency in cryptocurrency initiatives.

Enhanced Transaction Speed and Cost Efficiency

One of the key advantages of JD.com’s stablecoin is its ability to accelerate transaction times and reduce costs. According to Peng, transactions that traditionally take days can now be completed in seconds, with costs cut by at least half compared to conventional transfer methods. Additionally, on-chain fund turnover is significantly faster than regular online payment systems.

These benefits are expected to appeal to international trade participants, potentially driving adoption of JD.com’s stablecoin in cross-border transactions.

Future Support for Other Stablecoins

When asked about supporting other types of stablecoins, such as USD-backed tokens like Tether or USD Coin, or even RMB-backed stablecoins, Peng emphasized that this would depend on regulatory guidance. The company remains open to exploring additional stablecoin options as the regulatory landscape evolves.

New Stablecoin Regulations in Hong Kong

Earlier this month, the Hong Kong Special Administrative Region Government announced the passage of the Stablecoin Ordinance. This regulatory framework is set to take effect on August 1, 2025, enabling businesses to obtain licenses for issuing HKD-backed stablecoins. JD.com’s entry into the stablecoin market aligns with these new regulations, positioning the company to capitalize on the region’s growing cryptocurrency ecosystem.

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