JD.com plans to secure stablecoin licenses in a series of major markets, founder Richard Liu announced at a Beijing press briefing on Tuesday, according to The Block.
He added that JD’s global stablecoin project could cut cross-border payment costs by 90% and complete transactions in 10 seconds, faster than SWIFT’s system. The goal would be for global consumers to use JD’s coin for seamless worldwide transactions, he noted.
JD’s stablecoin push aligns with evolving regulations on dollar-pegged stablecoins in the USA, sparking global discussions. Stablecoins are purportedly touted as the newest front in competition among Chinese e-commerce giants.
According to the report, JD.com’s subsidiary, JD Coinlink, recently tested stablecoins pegged to the Hong Kong dollar. Meanwhile, Ant International announced plans to seek licenses to issue stablecoins in Hong Kong and Singapore.
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